Samsung Backed Blockchain ID System Debuts in South Korean NH Bank

  • The NongHyup Bank of South Korea has just recently announced a blockchain-based mobile identification system.
  • South Korea’s news agency JoongAng Ilbo had released a report on the 25th of Feb according to which the NH bank is now jointly implementing the newly made ID system.
  • The new mobile ID system that is based totally on the new blockchain technology.

A Samsung backed very big blockchain identification project is soon going to be rolled out for the very first time for commercial use.

The NongHyup Bank of South Korea has just recently announced a blockchain-based mobile identification system that has been developed within a tech consortium established by major many local firms and also including Samsung’s electronics wing and LG’s Uplus.

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South Korea’s news agency JoongAng Ilbo had released a report on the 25th of Feb according to which the NH bank is now jointly implementing the newly made ID system with the SK Telecom that is the largest wireless carrier in South Korea.

Many of the local news reports have said that the president and the CEO of the NH bank, Lee Dae-hoon, had even held a demo trial of the mobile employee ID card system based on blockchain which included 20 executives and other employees of the bank at their Digital Innovation Campus in Seoul.

The new mobile ID system that is based totally on the new blockchain technology, it is designed in a way so that it is able to control the personal info of the staff better and also be able to protect their data. The system can hold and keep their data safe because it is based on the blockchain’s ledger system that cannot be altered or breached easily.

This new tech will also enable all the authentication by the use of a smartphone instead of using the old ID cards. The blockchain tech will reportedly be used for commuting and managing access to entry into the offices of the bank.

Shortly, the plans are made such a way that the mobile ID card system will be expanded to facilitate the setting up of appointments and the payments that will be needed to be made for the services.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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