South Korean telecom launches blockchain wallet for official documents

CryptoEcoins

The South Korean telecom giant SK Telecom has announced it will issue its first digital wallet for blockchain-powered digital certificate storage and management with the approval of the Ministry of Public Administration and Security.

According to NewsTomato, SK’s Wallet is compatible with the ministry’s own Government24 digital certificate initiative, which promotes the use of electronic certificate issuance and distribution systems in South Korea in the wake of the COVID-19 pandemic.

SK Telecom’s digitalized public certificates include copies of resident registration cards, health insurance qualification certificates, immigration certificates, among other documents previously issued on paper and signed by hand. They will be now issued through a mobile app backed by blockchain technology.

Certificates issued through the Government24 app can be received in the SK’s wallet and later submitted to public entities, financial institutions, and private companies as electronic documents.

In the initial stage, 13 types of certificates will be compatible with the wallet, but at the end of the year, SK Telecom plans to make it compatible with “a total of 100 types” of certificates, including tax-related documents.

Oh Se-hyun, head of SK Telecom’s Blockchain & Certification Business Division, argued that blockchain is an essential technology in a society that is “rapidly changing due to the need for non-face-to-face solutions where we need innovation in the process of submitting and processing certificates centered on paper documents and manual work.”

He also highlighted the security advantages that the technology could bring to such processes.

Recently, it was revealed that one million South Koreans have foregone their physical drivers licenses in favor of a blockchain-powered digital alternative used in conjunction with the PASS smartphone app.

This represents more than 3% of the entire driving population in South Korea, which sat at 32.6 million licensed drivers in 2019 according to Statista.

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

FBI Investigated Extortion Attempt Over Allegedly Negative Ripple Videos

Ripple Labs, the digital asset payment service provider tied to XRP, one of the five largest cryptocurrencies, was blackmailed at the height of crypto mania three years ago, CoinDesk has learned. Documents obtained by CoinDesk through a Freedom of Information […]