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South Korean telecom launches blockchain wallet for official documents

South Korean telecom launches blockchain wallet for official documents

The South Korean telecom large SK Telecom has introduced it would problem its first digital pockets for blockchain-powered digital certificates storage and administration with the approval of the Ministry of Public Administration and Safety.

In keeping with NewsTomato, SK’s Pockets is appropriate with the ministry’s personal Authorities24 digital certificates initiative, which promotes the usage of digital certificates issuance and distribution programs in South Korea within the wake of the COVID-19 pandemic.

SK Telecom’s digitalized public certificates embody copies of resident registration playing cards, medical insurance qualification certificates, immigration certificates, amongst different paperwork beforehand issued on paper and signed by hand. They are going to be now issued by way of a cellular app backed by blockchain expertise.

Certificates issued by way of the Authorities24 app may be obtained within the SK’s pockets and later submitted to public entities, monetary establishments, and personal firms as digital paperwork.

Within the preliminary stage, 13 kinds of certificates will probably be appropriate with the pockets, however on the finish of the yr, SK Telecom plans to make it appropriate with “a complete of 100 sorts” of certificates, together with tax-related paperwork.

Oh Se-hyun, head of SK Telecom’s Blockchain & Certification Enterprise Division, argued that blockchain is a necessary expertise in a society that’s “quickly altering because of the want for non-face-to-face options the place we’d like innovation within the technique of submitting and processing certificates centered on paper paperwork and handbook work.”

He additionally highlighted the safety benefits that the expertise may deliver to such processes.

Just lately, it was revealed that a million South Koreans have foregone their bodily drivers licenses in favor of a blockchain-powered digital different used at the side of the PASS smartphone app.

This represents greater than 3% of your complete driving inhabitants in South Korea, which sat at 32.6 million licensed drivers in 2019 in line with Statista.

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