Home Business South Korea will switch to blockchain-based digital passports by 2024

South Korea will switch to blockchain-based digital passports by 2024

by Chief editor

Blockchain-based digital identifiers (IDs) will be fully decentralised, meaning the government cannot see how or when they will be used.

According to an October 17 Bloomberg report, the digital identifiers will be available in an app on smartphones.

The digital identifiers are scheduled to launch in 2024 and around 45 million citizens are expected to adopt the technology within two years.

Hwang Seogwon, an economist at the Korea Institute for Science and Technology Policy, said digital identifiers could be used in finance, healthcare, taxation and transport, while Su Bo Ram, director general of the Korea Digital Government Bureau, said the technology could help businesses that have not yet fully moved online.

Such technology is not unthinkable for this country, which ranks first among all countries in the use of technology in life, business and management, according to the US think tank Portulans Institute.

It will also not be the first blockchain-based digital identity solution to be introduced in the country.

In August 2020, more than one million South Koreans received a blockchain-based digital driving licence, which works through Korea’s PASS smartphone app.

However, Brenda Gentry, blockchain advisor and CEO of Bundlesbets.com, told Cointelegraph that no matter how impressive and decentralised the identity management system is, it will still require recognition from government agencies or corporations:

“If identity authorities don’t recognise the validity of blockchain-based IDs, they cannot be used for most government services. That, in my opinion, is the biggest limitation.”

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