South Korea Plans To Implement Blockchain-based Digital IDs

South Korea plans to implement a digital identity (IDs) using blockchain technology for it’s citizens with a smartphone as it taps into the world’s most tech-savvy population to boost economic growth.

Digital IDs simplify verification on the web, removing the need to photograph certificates or log in via authentication codes sent by text. Instead, activities like applying for state benefits, transferring money or even casting a vote are just a pin or fingerprint away.

Smartphone-implanted IDs are among the latest emerging technology underpinning a digital economy that has expanded as more people work from home, make cashless payments and explore the metaverse.

Digitals IDs can yield huge economic benefits in finance, healthcare, taxes, transportation and other areas and may catch on quickly among the Korean population

said Hwang Seogwon, an economist at Korea’s Science and Technology Policy Institute.

The World Bank calls digital IDs a “game-changer” and McKinsey & Co sees their potential to increase a nation’s gross domestic output by up to 13 per cent and cut business costs by trillions of dollars.

Source: South China Morning post and World Bank Blog