South Korean Companies “Fight” For A Stakes In The Blockchain Industry

South Korean companies are fighting to get a piece of the cake in the Blockchain industry especially with the new ID systems that will solely rely on the blockchain technology and will therefore get rid of plastic IDs cards so let’s find out more in our blockchain latest news today.

South Koreans will stop using plastic ID cards such as social security and driver’s licenses in favor of the blockchain technology-powered alternatives according to a new report that we have in our blockchain latest news today. Some of the biggest companies in the country are looking for a stake in the market.

According to FN news, LG U+, KT, and SK Telecom are the three biggest mobile carriers in the country that has agreed to a deal that will see them make use of the PASS driver’s license mobile ID platform which is the project initially created by the National Police Agency and the Road Traffic Authority. As the South Korean companies fight for a stake In the blockchain industry, the police force stated that 1.4 million citizens have already started to use the PASS platform which allows the users to prove their identity using the blockchain network of the police and the scannable QR codes.

The CU and GS25 convenience store chains already started using the PASS app as proof of age in outlets across the world. Last week, the internet giant Naver and the chat app operator Kakao, joined the platform after being granted “temporary permission” under the regulatory rules. The PASS app is representing the tip of the iceberg of what the media outlet dubbed as a “forthcoming” blockchain-based mobile ID war which will be waged by the nation’s biggest tech companies.

The media outlet even said that the practical usages are still far away but added that the South Korean companies seem certain that the uptake in the blockchain-powered proof of identity and the blockchain-verified digital documents storage will be fast in the upcoming weeks ahead. Both Kakako and Naver as well as Samsung, got permission to work on their own blockchain ID offerings as all three started to partner with private sector companies or government-based agencies and universities in a bid to corner the market.

All three companies will launch their own solution this year with Samsung working on the rival drivers’ license platform and Kakao looking at university qualifications solutions. Navar is focused on retail models. A few commercial banks were also pursuing blockchain-powered ID business avenues so the result of the so called “war” will be determined by those who will find more practical applications for the solutions.