South Korea plans to take advantage of blockchain technology by introducing digital ID cards as the country transitions to post-COVID-19 remote work and online processes.
According to Bloomberg, the government will replace Korea’s national ID cards by 2024 by allowing citizens to verify their identities with digital IDs stored and programmed into their smartphones.
The report comes as South Korea — a fully developed digital nation — focuses on economic growth that was hit by the pandemic. It was among the worst affected in developed countries.
The move would be beneficial for decentralizing user data while protecting citizens’ phone data, including how and where they use their digital IDs, which are kept private by the government, according to the report. .
South Koreans are one of the most technologically adept people in the world.
The head of the Korea Digital Regulatory Authority said the program is expected to bring economic value to South Korea of ​​at least $42 billion within a decade, equivalent to 3 percent of Korea’s GDP.
According to the head of the Korea Digital Regulatory Authority (KDRA), the program will help South Korea achieve economic value of at least $42 billion within ten years, ultimately adding 3% to South Korea’s GDP.
