The largest wireless carrier in South Korea, SK Telecom, made a great strategic partnership with the fifth largest telecom company in the world- Deutsche Telekom in order to develop a blockchain-based mobile identification platform. Today’s crypto news comes from the reported press release from SKT that happened today.
The Memorandum of Understanding for both of the companies should be formalized until the end of the Mobile World Congress that starts in just four days in Barcelona, Spain.
The partnership between the two telecom giants means a process of development for a commercialized blockchain-powered mobile identity solution that will be used for improved access control, contracts etc.
SKT explained that they hope to secure the process of verifying personal data with the new blockchain-based identification solution and according to the head of SKT’s blockchain unit Oh Se-Hyun:
“Mobile blockchain identification can be utilized in a variety of areas including logins both online and in offices. Beginning with the latest collaboration, we will further spur the innovation of information and communications technologies.”
SKT stated that the current e-commerce interactions require from users to provide personal data such as date of birth, address and phone number but with the blockchain system, this information would be unnecessary which means a higher level of autonomy and secure management for sensitive information. SKT outlined that this new blockchain-based system could eventually terminate the need for government documents.
Both of the companies expect tourists from the countries to face less friction when confirming their identities by using the new system. Deutsche Telekom recently joined the Linux Foundation open source project Hyperledger that is used by large companies including IBM.
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