The digital IDs will be a sort of replacement for the physical resident registration cards that the most of the world currently uses.
According to a Monday report by Bloomberg, officials in South Korea have revealed their plans to have a digital identities (IDs) system that will be powered by blockchain technology. And with this, the East Asian country may have yet again proven that the real-world use cases and applications of blockchain technology continue to grow daily.
South Korea to Adopt Blockchain-Powered Digital IDs
The plan will see the government embed digital IDs – in the form of an app – in the smartphones of its nearly 45 million residents. This is to ensure widespread adoption and an even wider range of use across various industries.
Meanwhile, digital IDs are not expected to launch until 2024. But the full adoption of the technology across its entire population, however, is projected to take another two years. Ultimately, the IDs will be a sort of replacement for the physical resident registration cards that the world currently uses.
Reacting to the report about the upcoming digital IDs, Hwang Seogwon, an economist at the South Korea Science and Technology Policy Institute said that South Koreans will be able to use their smartphones for multiple activities. They include finance, healthcare, taxes, transportation, and even governmental processes.
Seogwon was also quick to note that digital IDs may not only come with advantages. He said in part:
“There has to be more risk assessment technologically to make sure the danger doesn’t outweigh the benefits.”
According to the director-general of Korea’s Digital Government Bureau Suh Bo Ram, the digital ID system will be fully decentralized. That is, the government will not have access to information stored on users’ phones. The government will also not be privy to where and how digital IDs are being used.
Betting Big on the Metaverse
It is interesting to note that South Korea has shown a consistent interest in Web3 and the metaverse space. This is despite the nation’s strong stance toward the crypto market and its regulation.
First and foremost, the new ID system being proposed is not the country’s first attempt at a blockchain-based digital ID. Recall that back in August 2020, Coinspeaker reported that over a million South Korean residents put in for a blockchain-backed driver’s license. That was via the PASS mobile application.
Barely a month later, a South Korean government agency – Korea Internet & Security Agency (KISA) – also launched a pilot program of a similar thing.
Without a doubt, South Korea remains at the forefront in terms of the application of blockchain technology and the Metaverse. And soon enough, many more nations are expected to follow in its footsteps.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
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