South Koreaplans to introduce digital identity to secure citizens.
Blockchain technology, commonly known as the power behind Bitcoin, has a digital log of data that is verified by devices on the network each time it is updated. While hackers have to break into each device to process data, theft is less likely because there is no central server that stores information. South Korea will also rely on Blockchain technology to protect citizens’ safety.
South Korea Plans to Use Blockchain Technology Identity
South Korea offers citizens with smartphones BlockchainIt plans to offer a digital identity secured by
Identities embedded in smartphones are among the latest emerging technologies to support the expanding digital economy as more people work from home, make cashless payments and explore the metaverse.
South Koreans currently use residence registration cards to identify themselves. Under the proposal, an app will embed these IDs on mobile devices.
According to the news in Bloomberg, the government will not be able to access information stored on individual phones, including details about how and where digital identities are used. The system will be based on advanced Blockchain technology as a completely decentralized identity.
South Korea, which plans to launch digital identities in 2024, estimates that 45 million citizens will start using digital identities within two years.
