South Korea to Introduce Blockchain Based Digital IDs

digital ID

Digital identities simplify confirmation on the web, eliminating the need to photograph verification or log in through confirmation code sent through text messages. 

South Korea has arranged to provide a digital ID anchored by Blockchain to those who have a Mobile phone as it is obtainable into the world’s most technophile population to improve the growth of the economy. Mobile phones with IDs inserted in them are among the newly released technology supporting a computerized economy that has inflated as more people work from their comfort zone, make payment online and reconnoiter the metaverse. 

Digital IDs? Why Necessary

Digital IDs simplify web configuration, eliminating the need to photograph verification or log in through confirmation code sent through text. Rather,  activities such as applying for income support, money transaction and voting which is made easy like a pin or fingerprint. 

An economist at Korea’s Science and Technology Policy Institution, Hwang Seogwon postulated that the digital identities yield massive economic advantages in financial affairs, health services, taxes, transportation and other areas and may thrive rapidly among the Korean population. 

He added that in order to avoid the danger from outweighing the benefits, there has to be a risk assessment. 

digital ID

 

The World Bank refers to the Digital IDs as the “game changer” and McKinsey and Co notice their ability to increase a nation’s gross domestic output by likely 13% and reduce the business price by trillion of dollars. 

McKinsey calculation is rooted on the wide practice of digital IDs, less time consuming in administrative work, lessen pay fraud, inflating consumer credit, making easy to trade and spawning new markets. 

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Korea’s Passion

According to the director general of Korea’s digital government bureau, Suh Bo Ram who uttered that “Every service that has not been completely transitioned online will now be capable of doing so”. He also stated that Korea could gain at least 60 trillion won ($42 billion) or 3% of GDP, in economic terms within ten years. 

 

Koreans’ passion for early adoption may help too. They were rated No.1 in the world with regards to the eagerness and capability to apply tech in their daily life, work and government, as stated by the Portulans Institute, a Washington -based think tank. 

Presently, Koreans depend on resident registration cards ( the same as the US social security card)- which helps identify themselves. 

Under the suggestion, an app would insert those identities into smart devices. 

Digital ID Launching

Korea will launch digital ID in 2024 and attempt their adoption by 45 million citizens within two years. This aim may be hindered by each individual wanting to travel to a town office and settling a fee to update their registration card. 

Suh admitted the concerns while conveying confidence that the difficulty will fade in collation the the benefits. He also acknowledges that the government is enlightened of “big brother” concerns, making reference to George Orwell’s 1949 novel. 

Under the arrangement, the government will not gain any access to details stored on people’s Mobile phone including information of whose digital IDs are used, where and how they are used because the system will depend completely on decentralized identity, an advanced strand of Blockchain technology, he mentioned. 

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Blockchain which is also referred to as “the engine behind Bitcoin” is known to be a computerized log of data confirmed by devices on the network every time it’s upgraded. Hackers need to crack into each individual device to utilize data, while the possibility of theft is low because there is no main server for storing details. 

Wordwide Use of Digital IDs

Heather Vescent, president of Oregon-based IDpro, an association for digital ID professionals said that “Korea is becoming a silent power showing the future of world tech”. 

Other governments have also realized the benefits of digital IDs in the US, Australia, Finland, Iceland, Sweden, New Zealand, Netherlands and so on. 

In Estonia, most of its permitted 1.3 million citizens have digital ID to pay bills, vote and Sign documents, and the government lets phones be used for confirmation if a special Sim card is fixed. Germany also has the same chip based program. 

 

Conclusion

Some benefits of digital identities include that it is easy to use online medical services without seeing a doctor personally, helps avoid ID theft, going into hotel rooms by just a scan through your mobile phone, accepting contracts without any need to sign it.

 

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