South Korean tech giants, telcos, and banks have formed a consortium to build a blockchain network to deploy mobile authentication services, the companies have announced.
Members include Samsung Electronics and local telcos SK Telecom, KT, and LG Uplus, as well as banks KEB Hana Bank and Woori Bank. Koscom, an IT service subsidiary of the Korea Exchange, is also part of the consortium.
The seven companies said the new mobile authentication service will allow consumers to protect their own data.
Users will also be able to save information issued by institutions and companies securely on their smartphones.
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The new service will first be applied to the distribution and issuing of college graduation certificates. This will allow graduates to simplify job application processes by only needing one authenticated certificate on their smartphones, while companies can verify documents through the blockchain network.
The consortium will also use the blockchain network to review job applications when SK Telecom, KT, and LG Uplus are hiring.
The consortium also has plans to add more companies to its blockchain network so it can be deployed for hospital and insurance services, and membership services for leisure activities such as holiday resorts.
South Korean tech companies have already begun experimenting with blockchain in various industries. Samsung introduced its cryptocurrency wallet on the Galaxy S10 launched earlier this year. Meanwhile, KT applied blockchain to its commercial network and is offering blockchain-as-a-service for clients for security, and LG CNS has been applying its blockchain platform Monchain to improve the transparency behind the food products served at school cafeterias.
It will be based on LG’s blockchain platform Monachain.
The company plans to develop its digital identity exchange technology as a ‘trust-based service platform’ supporting digital business.
The two companies have come together in a bid to take the Samsung SDS Nexledger blockchain platform to the global stage.
The two telcos will collaborate to create a “borderless” blockchain ID.
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