Soon, South Koreans will allow their citizens to use a digital identity system (Digital ID) on a blockchain instead of a physical card by 2024, and it will be fully decentralized.
followBloomberg reports Oct. 17, the government plans to bring Digital ID as a mobile app in the future. which works in the same way as the resident registration card.
Digital ID is expected to launch in 2024, with approximately 45 million people expected to use the technology within two years.
Economist at the Korea Institute of Science and Technology Policy Hwang Seogwon said Digital ID could be used in finance, healthcare, taxes, and transportation, while Suh Bo Ram, director general of the Korea Digital Government Office, said. This technology can help businesses that have not completely transitioned online.
In the plan, the government will use a decentralized identity system. This means that the government will not have access to information stored on the phone, including the Digital ID used, how to use it, and location, Suh said.
Such technology is not new to tech-savvy countries. It ranks number one among countries for bringing technology to life, business and government, according to the Portulans Institute, the American think tank.
A June 2021 study from market research firm ReportLinker estimates that the blockchain identity market will grow by $3.58 billion by 2025, a compound annual growth rate of 71%.
However, Brenda Gentry, blockchain consultant and CEO of Bundlesbets.com, sees that no matter how capable and decentralized an ID management system can be, It still needs recognition from government agencies or companies:
“If the issuing authority does not accept the validity of the blockchain ID, it cannot be used in most public services. This, in my opinion, is the biggest limitation.”
South Korea to use Blockchain-based Digital ID instead of physical cards by 2024 appeared first on Bitcoin Addict.