Finst

South Korea Plans to Enable Blockchain-Based ID

South Korea wants to enable digital identity cards for its citizens using blockchain technology.

By Mike Hesp
• 1 min read
South Korea Plans to Enable Blockchain-Based ID

South Korea wants to make digital identity cards for its citizens possible using blockchain technology. Instead of a plastic card, a smartphone will be used.

According to a Bloomberg report, the South Korean government wants to build a blockchain-based identification system for its citizens. The digital IDs would then no longer be stored as plastic cards, but as an app on a smartphone.

The project is expected to start as early as 2024. The government expects 45 million users in the first two years. The digital identities should streamline online applications, and also open doors to things like digital elections.

Thanks to higher efficiency and the growth of the new sector, the country could see an economic upturn. Economists are forecasting a value increase of $42 billion, about three percent of the current GDP.

The identification system is reportedly going to be built as a decentralized system. The government would therefore not have external access to personal information, locations, or other usage data.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.