A Consortium of some of the leading South Korean firms has teamed up to release a blockchain-based mobile identification system in 2020, as per the local media news outlet Korea Times on July 14.

Based on the report, the firms which are involved include KEB Hana Bank, Woori Bank, KOSCOM, mobile carriers, SK Telecom, KT, LG UPlus, and leading tech giant Samsung Electronics.

The primary purpose of this collaboration is to develop a "self-sovereign identity," a new form of identification system which doesn't need any intermediaries, that would enable individuals and organizations to manage their identity information in online transactions.

The main purpose of the service is to enable users to store personal information like resident registration numbers, bank account numbers, and use them anytime you need.

During the process, the risk of fraud will be eliminated because it is considered that blockchain technology remains stable in data modification, the main reason here is having an efficient, valid method of reporting transactions between parties.

Another essential point here is that data recorded can't be modified retroactively, which helps to provide accountability.

Moreover, Samsung Electronics, leading electronics giant around the globe, will make sure that data is safely and securely stored using Samsung Knox, an enterprise mobile security solution that's present in the majority of its smartphones, tablets, and wearables. The consortium is planning to add more partners in 2020 along with large businesses, universities, hospitals, insurers, entertainment facilities, resorts, and country clubs.

The main purpose is to expand the planned service to remove hiring irregularities through the certification of academic records and diplomas, infrastructure fraud via the certification of treatment and compensation and instant discounts at recreation parks and movies.

Apart from this move, a separate project is operated by KEB Hana Bank and Korea University to reduce the time required to issue a student identification card with debit card function involved.

It may just require three days for a student to get a new ID, which is shorter than three weeks, the earlier required minimum period. This will likely happen as the content and data sharing among related departments of the two entities will be improved, needing no in-person submission of associated papers.