Samsung, Tech And Banking Cos Team To Use Blockchain For Mobile Identity

A group of companies in South Korea are collaborating on a blockchain network to be used for mobile authentication services, according to reports.

Samsung Electronics; banks KEB Hana Bank and Woori Bank; telecom companies SK Telecom, LG Uplus and KT; and Koscom, an IT service subsidiary from the Korea Exchange, are all part of the group.

The companies want to let users protect their own data with the service, which will also allow people to save information from institutions as well as other companies directly on phones.

The first iteration of the service will be used with the issuance of college graduation documents. By using the blockchain technology, Koreans are making the job application process easier by only making it so grads need one certificate, which will already be on the phone. Companies will be able to confirm the legitimacy of the information through the blockchain network.

When LG Uplus, KT and SK Telecom are hiring, blockchain tech will also be used to review applications. There are plans to add more companies to the group so the technology can be used for other purposes, like insurance or health needs, as well as vacations.

Blockchain technology is already being used in the country for other things. Samsung is using it with its crypto wallet for the Galaxy S10. KT uses blockchain on its commercial network and has a blockchain security offering for clients. LG CNS uses blockchain on a platform called Monchain, meant to help with the transparency of products served to kids in cafeterias.

Information on the production, distribution, processing, acquisition and consumption of food will all be made public, with the goal of aiding parents in the promotion of health for children. In addition, food companies will be able to send advertisements to customers promoting goods.

LG CNS is also working on a platform that works the same way but focuses on the recycling of batteries used in electric cars.