According to a report during CoinDesk Korea on Weekend, the program, which was first from July, is now officially referred to as as the Initial DID Group. Besides Shinhan and NH banks, two major transaction processors – BC Punch out carsd and Hyundai Card : have also joined the program of late, bringing the total number of avid gamers to 11.

Four more good institutions including the Shinhan combined with NH Nonghyup banks ‘ve got joined a South Korean language decentralized identity initiative here is aimed to secure and share details using blockchain.

The consortium now takes on Samsung Electronics, KEB Hana Bank, Woori Bank, yet as  Korea’s three really big mobiles carriers – SK Telecom, KT and LG ELECTRONICS U+. It also includes Koscom, an IT company 76. 6 percent owned because of Korea Exchange.

The project, which is backed by the Ministry of Technology and ICT and the Korea Internet & Security From a (KISA), aims  to develop one particular mobile product that will allow for an secure storing of personal id information with blockchain engineering, technological innovation. Users of the system will also have the opportunity to prove their identities when online transactions and for an validation of qualifications on the other hand credentials.

Opening will be used at first for vouchers from six Korean universities or colleges, as well as for English test lots. It will then be developed to the submission of application for the loan documents, such as income tax withholding and loan certificates. In line with the earlier reports, the system is now expected to be up and running in 2020.

While the venture is expanding, competition in your blockchain identity space can even be increasing. On Oct. 13, the Korea Financial Telecoms and Clearings Institute (KFTC), a payment settlements organization, said that it will have its own smartphone ID solution using blockchain up and running by the end of the few weeks, according to a report in Dong-a Ilbo.

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