South Korea To Create Blockchain-Based Digital IDs By 2024

Digital IDs will serve as an alternative to the identification cards for residents that most of the world utilizes. A report on Monday by Bloomberg officials in South Korea revealed their plans for an electronic identity (IDs) system built on blockchain technology.

The strategy will see the government integrate digital IDs – usually in the form of apps within the smartphones of its 45 million inhabitants. This will ensure broad acceptance and a wider variety of applications across different sectors.

In the meantime, digital IDs aren’t expected to be available until 2024. However, the widespread use of the technology throughout its entire population is anticipated to take two years. Ultimately, the IDs will substitute for the identification cards for residents that everyone in the world utilizes.

Responding to the news about the coming digital IDs, Hwang Seogwon, an economist at the South Korea Science and Technology Policy Institute, declared the South Koreans would be able to use their smartphones for various purposes. They can use them for healthcare, finance tax, transportation, and governmental procedures.

Seogwon quickly pointed out that digital IDs might not only have benefits. Seogwon said, in the following paragraph: “There has to be more rigorous risk analysis in technology to ensure that the risk does not outweigh the advantages.”

According to the director general for Korea’s Digital Government Bureau, Suh Bo Ram, The electronic ID program will be totally decentralized. This means that the government cannot access information stored on the users’ phones. Also, the government won’t know where or what digital IDs are utilized.

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