Nonghyup Bank announced the launch of the first commercial application of the distributed identity technology developed by the “Initial DID Association,” as reported by the local news agency, JoongAng Ilbo. The South Korea-based bank has already tested the blockchain-based identification system.
The Ministry of Science of Korea governs the identity consortium.
The association is an identity consortium overseen by the Ministry of Science and ICT and the Korea Internet & Security Agency. The system is backed by Samsung, LG, and SK telecom. Other members of the consortium include Hyundai Card, BC Card, Shinhan Bank, LG Uplus, KT, Samsung Electronics, KEB Hana Bank, Woori Bank, CJ Olive Networks, and Koscom. During a demo conducted by the Nonghyup Bank President and CEO Lee Dae-hoon, 20 employees of the bank applied for and received a virtual ID card through their phones.
The ID system is designed to provide better control and protection of information.
According to the report, The new ID system was designed to provide better control and protection of the personal information and data of the staff. The ID system would also be used for commuting and managing access to offices. South Korea has been at the forefront of blockchain technology adoption. South Korea has been using blockchain technology in other sectors as well.