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Recently, South Korea’s leading telecom, banking, and conglomerate companies have come together to form the base for a new blockchain-based service for mobile authentication.
South Korea’s multinational conglomerate Samsung, leading telecommunication companies and top banks have announced the partnership and that they are forming a consortium to build a new blockchain network as a foundation for a new mobile authentication service. It is a huge step towards secure and seamless mobile authentication.
Samsung, along with SK Telecom, KT, LG Uplus, KEB Hana Bank, Woori Bank, and Koscom together announced the formation of a new blockchain platform to facilitate next-generation mobile authentication services. members of the newly form consortium said that the blockchain-powered mobile authentication services will allow users to have total control over their data and will be able to decide with whom they share their data.
Consumers will also be able to share their information issued by banks, telecommunication companies and other companies that require them to provide valid identity, all directly and easily from their smartphone. This means that consumers won’t have to carry their documents whenever they are looking for new services which demand identity verification.
According to the announcement, the newly developed mobile authentication will be implemented for the distribution and issuing of college graduation certificates first. This will allow students to store a single authenticate digital certificate in their smartphone while applying for a job. Companies, on the other hand, could verify the certificate through the blockchain network.
SK Telecom, KT, and LG Uplus are already planning to test the network when they will start hiring. The consortium is devising to add more companies from different industries such as medical, insurance and travel and hospitality.
Previous Experience with Blockchain Technology
Several of the companies that are partaking in the consortium have already started exploring blockchain and accordingly providing related services. For instance, Samsung has rolled out a cryptocurrency wallet in its newly launched Galaxy S10. KT is already using blockchain for its commercial network and offering blockchain-based system for optimum security for its clients. Lastly, LG CNS has been deploying Monchain, its blockchain platform, to make the ingredients and meals at school cafeterias more accessible to the general public.
South Korean companies formed a consortium to develop blockchain-based mobile authentication services is a huge step toward blockchain expansion and accelerate its mainstream applications. Companies across various industries are forming partnerships to leverage the virtually unlimited potential of blockchain technology and cryptocurrencies. Thousands of partnerships have been formed across tech companies, financial institutions, energy companies, and firms from almost any industry that one can think of.