South Korea is reputed to be one of the most “blockchain-friendly” countries in the world. And the latest government initiatives should not call this into question. In 2024, citizens of the country will be able to use digital ID cards, available on the blockchain.
South Korea: decentralized ID cards on the blockchain from 2024?
According to a report by our colleagues at Bloomberg, citizens of South Korea will soon be able to use their smartphones to prove their identity, thanks to digital cards available on the blockchain. The advantages are numerous: the documents recorded on the blockchain are tamper-proof, and can be shared more easily than a physical card.
The Director of the Government Digital Office, Suh Bo Ram, confirmed that the technology could enable all services that are not yet fully digital to take the leap. Notable fact, the technology would be decentralized. This means that the government would not be able to see who Korean citizens are showing their digital IDs to.
The launch of this new technology is planned for 2024. The government expects that 45 million citizens of South Korea adopt these digital identity cards within two years.
👉 To go further – Decentralized digital identities
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3% of South Korea’s GDP?
Decentralized identity cards are not only of practical interest. They make it possible to reduce treatment costs and boost a country’s GDP. According to a World Bank report, a government could save $50 billion simply by implementing these new documents.
For South Korea, Suh Bo Ram expects the country to save 42 billion dollars, or 3% of GDP, in the next ten years. A substantial sum, which shows the need to transition to less physical technologies.
Digital identity cards are in any case one of the most telling applications of the blockchain. They prove that the robustness of the technology is quite suitable for large-scale official use.
👉 Also read – Unpaid fines? South Korea plans to seize cryptocurrencies from offenders
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Published by Editions Larousse
Sources: Bloomberg, World Bank
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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