South Korea plans to convert its citizens’ physical ID cards into Blockchain-based digital ID cards by 2024. These identities will benefit people’s ability to transact from home, make cashless payments, and the expanding digital economy.
This plan, prepared by the government, will work in a similar way to physical residence registration cards of digital IDs placed as an application on mobile devices in the future. Also, South Korea will launch digital identities in 2024 and seeks acceptance by 45 million citizens within two years.
South Koreans currently use residence registration cards to identify themselves. Under the proposal, an app will embed these IDs on mobile devices. The government will not be able to access information stored on individual phones, including details on how and where digital identities are used.
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