Oct 18(ABC): South Korea intents to capitalise on blockchain technology by introducing digital identity cards as the country sways through the post-COVID-19 period of remote work and online processes.
According to Bloomberg, the government will empower citizens to validate their identity via digital IDs stored and programmed into their smartphones, replacing Korea’s national ID cards by 2024.
The report comes as South Korea — a fully developed digital country — focuses on economic growth that had been affected by the pandemic. It was among the most significantly struck among developed nations.
The dynamism will be beneficial for keeping user data decentralized while protecting citizens’ phone data, including how and where they use their digital IDs, which are private from the government, per the report.
South Koreans are one the most technically adequate people in the world.
The head of the Korea Digital Regulatory Authority said that South Korea is expected to gain at least $42 billion in economic value within a decade, equivalent to 3% of Korea’s GDP, through this program.
According to the head of the Korea Digital Regulatory Authority (KDRA), this program will help South Korea to gain economic value of at least $42 billion within ten years, eventually increasing by 3% of S. Korea’s GDP.
