Samsung Teams With Banking institutions, Telcos for Cell ID Community Based on Blockchain

Tech large Samsung Electronics is signing up for six other big South Korean companies to develop a blockchain-dependent certification and ID authentication network.

Introduced on Sunday and claimed by CoinDesk Korea, the other founding companies incorporate cellular carriers SK Telecom, LG Yuplus and KT, two banking institutions – KEB Han and Wooriand – and govt-started securities infrastructure company Koscom.

The company will offer a “self-sovereign” authentication answer that does absent with middlemen products and services and allows end users to confirm their identity or qualifications more than a blockchain, holding much more regulate of their possess personalized details. People can retail outlet their data on a smart device and post only the data they opt for when certification is needed.

Tech-sensible, the deal will see the companies develop the company dependent all-around a consortium blockchain product, with collaborating providers operating network nodes making use of their possess servers.

The system will see a beta take a look at by the finish of 2019 and a choice on regardless of whether to commercialize the featuring will be built in the upcoming year, the report claims.

In the beginning, the company will be used to the issuance and distribution of graduation and other certificates from big universities in Korea, as perfectly as to Koscom’s platform for unlisted startup shares.

A system is becoming regarded for the a few telcos to use the system for their profession recruitment course of action.

Cell ID certification is expected to simplify the issuance and submission of numerous certificates and assistance providers make sure the digital have not been falsified – all in true time.

In the end, the companies indicated they may perhaps grow the company to other parts by encouraging much more providers to take part, with potential use conditions throughout digital signatures, consumer authentication for telecom and banking, health care and insurance coverage certification, and club memberships.

Notarization, proof of content and on line logins were being also outlined as potential parts that could be addressed by the network.

At a signing of a joint undertaking settlement in Seoul on July 12, just one of the participants stated (by way of informal translation):

“The collaborating providers system to set up a system so that the cellular digital certification can be applied in numerous industrial fields, and system the procedure so that it gets a company that generates social benefit in the lengthy expression.”

Samsung impression by way of Shutterstock signing ceremony impression courtesy of the providers