More and more banks are adopting blockchain.
CoinDesk reports that four more major institutions have joined South Korea’s decentralized identity initiative.
The new arrivals are Shinhan Bank, a descendant of Korea’s first bank, NH Nonghyup Bank, the Seoul-based agricultural finance giant, and payments heavies BC Card and Hyundai Card. They join the likes of Samsung Electronics, SK Telecom, LG U+, KEB Hana Bank, and Woori Bank.
The project, originally launched in July, is now officially known as the Initial DID Association. Backed by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA), the initiative aims to create a mobile product that allows users to prove their identities – for online transactions and credential validation – securely using blockchain technology.
It will initially be used for English test scores and certificates from six Korean universities. It will then be “expanded to the submission of loan application documents, such as income tax withholding and loan certificates.” The system is expected to be in operation in 2020.
Photo: World Atlas