South Korea’s Telecom Giant to Introduce Blockchain Wallets for Official Documents
SK Telecom, a South Korean telecom giant, has announced its first e-wallet for digitally storing and managing the government-issued certificates with the Ministry of Public Administration and Security’s approval.
The wallet will be powered by blockchain and according to some reports, the company’s wallet is also compatible with the Governent24 digital certificate initiative taken by the ministry. The initiative promotes certificate issuance and distributions through electronic means in the country with the rise of the coronavirus pandemic.
The telecom’s digital public certificates include immigration certificates, resident registration card copies, health insurance qualification, and other documents that were previously issued manually and signed by hand. All the documents will now be issued through a blockchain-powered mobile application.
Once the certificates are issued by Government24 app, they can be received in the SK wallet. Documents can later be submitted to financial institutions, public entities, and private organisations in electronic form.
SK Telecom has launched a South Korean government-approved digital wallet for blockchain-powered certificate storage and management https://t.co/xfzrMLpdYr
— Cointelegraph (@Cointelegraph) October 22, 2020
Initially, the wallet will support 13 different types of certificates, but as the year ends, the company is planning to make the wallet compatible for 100 types, including tax documents. The head of Blockchain & Certification Division of SK Telecom, Oh Se-Hyun, stated that blockchain is a vital technology in today’s rapidly changing environment. There is a dire need for virtual interactions and innovative processes for streamlining certificates and other government-issued documents. The head has also highlighted the security benefits of this technology.
As per some reports, three per cent of South Korea’s driving population has foregone the physical drivers’ licenses in favour of the blockchain-powered alternative.