Eleven South Korean companies including Samsung, LG And Hyundai are in the blockchain news today for teaming up and taking a new government-backed initiative for a “consortium type” blockchain network which will allow citizens to ditch paper-based certificates, employee ID cards, degree certificates, insurance claims documents and more in favor of a new mobile-based blockchain solution.
According to the Kyunghyang Shinmun media outlet, the release date has been recently brought forward to December this year. The consortium which includes Samsung, LG And Hyndai had initially planned to roll out the platform at some point in 2020.
The consortium was established in July this year, with all of the three major telecoms companies such as KT, SK and LG U+, teaming up with Samsung as well as banks such as KEB Hana and Woori and the financial IT company Koscom.
Still, the size and scope of the project have increased substantially and the credit card issuers BC Card and Hyundai Card are joining on October 20, along with the banks Shinhan and Nonghyup (NH).
Besides Samsung, LG And Hyundai which are now in the crypto news for accepting this blockchain network project, NH was in the news for saying that it wants to use the platform to crate a blockchain-powered mobile “pass” as an ID solution for its banking services. BC Card, on the other hand, wants to use blockchain technology for card issuance. Hyundai Card, meanwhile, says it wants to “streamline internal and customer services” using the solution.
The project was also backed by numerous government agencies and ministries and its operators could soon look to the international market. The solution will also be compatible with GSM mobile protocols.
According to the media outlet Chosun, even six South Korean universities have already indicated that they will offer blockchain certification via the new platform. The names of Samsung, LG And Hyundai are obviously the most vocal of them all.
However, the consortium counts 11 companies strong and its operators say that it will also allow citizens to use the following blockchain-powered and mobile based documentation which will include:
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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