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Korean Industry Players team up for Blockchain based verification

Hana Financial Group Chief Future Innovation Officer Han Jun-seong, left, and senior officials from Woori Bank, KOSCOM, SK Telecom, KT, LG UPlus and Samsung Electronics

A consortium of three financial services firms, three mobile carriers and a tech company have formed a business partnership to launch a blockchain-based form of mobile identification in 2020.

The members of this consortium are KEB Hana Bank, Woori Bank, KOSCOM, SK Telecom, KT, LG U+ and Samsung Electronics. The aim of the partnership is reportedly to develop a self-sovereign identity system that does not require any intermediaries, which would enable individuals and organizations to control their identity information in online transactions.

The service aims to allow users to store personal information such as resident registration numbers, bank account numbers, and use them at will. The involved financial services firms are tasked with providing certification services, telecom companies with managing stable mobile services, and Samsung will ensure the secure management of the stored data.

Samsung will reportedly manage data with Samsung Knox, an enterprise mobile security solution pre-installed in most of its smartphones, tablets, and wearables. In 2020 the consortium intends to pursue further partners, including large businesses, universities, hospitals, insurers, entertainment facilities, resorts, and country clubs. The consortium said it plans to encourage more companies from different sectors to join the project to expand use cases, including in the hiring process, access control systems, certificates for financial services and other areas.

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