Blockchain -based mobile identification system
Three mobile carriers - SK Telecom, KT, LG U+ - are introducing Initial, a mobile app, in cooperation with the Initial DID Association, a blockchain network operated by finance firms including KEB Hana Bank and Woori Bank. The app will verify identities using blockchain technology. Initial DID Association held Korea DID 'initial' Day in central Seoul on Dec. 6 to introduce its plan to develop electronic identification. The association is a consortium with 11 partners, including NH Nonghyup Bank, Samsung Electronics, Hyundai Card and the three telecommunications companies. It is led by the Ministry of Science and ICT and the Korea Internet and Security Agency. What is Initial service? Initial is a service based on Decentralized Identifiers, witch verify identity in a decentralized manner. It enables smartphone users to save information they receive from individuals or institutions on their smartphone. Initial, therefore, is said to help users manage their private information on their own since DID is based on blockchain technology, which is said to be difficult to crack. In the past, people had to physically visit institutions to obtain official certificates. The goal of the Initial is to eliminate those steps so that the user can download a certificate using a QR code, and sign it electronically to keep, manage and submit it. When the user needs to take out a loan, they can selectively submit the certificate to certain organizations, like banks or insurance companies. For instance, one could save a copy of a diploma on their handset and submit it to specific companies when applying for a job. Users can selectively choose what kind of information they want to deliver and hide the rest. They could also find out which organizations opened and viewed the information. Issuing 70 kinds of certificates next year Initial DID Association's goal is to start the operation of the app next year. It plans to issue 70 types of electronic certificates in 2020. "'Initial' is presented by major finance companies and businesses that are leading the ICT industry," said a spokesperson for the association. "We'll invest effort to become a leading service provider that accelerates the digital transformation process in Korea."