South Korea’s leading telecom firm SK Telecom is launching a new blockchain-based wallet for storing digital documents under the approval of the Ministry of Public Administration and Security. The recent move could push South Korea towards the rapid digitalization of state-issued documents.
New Wallet Compatible With Government Digital Certificate Program
On October 21, 2020, local media reported that the new blockchain-based wallet is compatible with the government department’s own Government24 digital certificate program. The program was set up in response to the COVID-19 pandemic situation in the country for issuing electronic certificates. The program was set up to issue electronic certificates in response to the Covid-19 situation.
The new digital wallet can store official documents such as resident registration cards, health insurance qualification certificates, immigration certificates. The documents are easily shareable with public and government institutions as well as private banks and insurance providers.
As of yet, 13 types of documents will be supported in the blockchain-powered wallet. Although the telecom giant did say that it will extend its compatibility to 100 by the end of 2020.
Oh Se-hyun, Head of Blockchain & Certification Business at SK Telecom, has said that greater adoption of blockchain technology is of utmost importance in South Korea as society is rapidly changing due to the need for non-face-to-face solutions where we need innovation in the process of submitting and processing certificates centered on paper documents and manual work.
South Korea, Global Leader In Blockchain Adoption
Blockchain technology is moving beyond an underpinned technology for cryptocurrencies into other use cases that have the potential to change society for good.
South Korea seems to be the global leader in blockchain adoption with its rapid implementation of DLT-based technology. The country recently turned the city of Busan into a “regulation-free” zone for developing cutting edge technologies, including building a blockchain-based power plant and its own cryptocurrency.
Recently, it was also revealed that around one million South Korean citizens have switched to blockchain-powered driving licenses in synchronicity with the PASS smartphone app.
