South Korea is known for being one of the most blockchain-friendly countries in the world. And the government’s latest initiatives shouldn’t challenge that. In 2024, the country’s citizens will be able to use digital ID cards, available on the blockchain.
South Korea: decentralized ID cards on the blockchain as early as 2024?
According to a report by our colleagues at Bloomberg, citizens of South Korea will soon be able to use their smartphones to prove their identity, thanks to digital cards available on the blockchain. The advantages are numerous: documents stored on the blockchain are unforgeable, and shareable in an easier way than a physical card.
The director of the government’s Digital Office, Suh Bo Ram, confirmed that the technology could allow all services that are not yet fully digital to jump on board. Notably, the technology would be decentralized. This means that the government would not be able to see who Korean citizens show their digital ID to.
The launch of this new technology is scheduled for 2024. The government expects 45 million citizens of South Korea to adopt these digital ID cards within two years.
3% of South Korea’s GDP?
Decentralized ID cards are not only of practical interest. They can reduce processing costs and boost a country’s GDP. According to a World Bank report, a government could save $50 billion just by implementing these new documents.
For South Korea, Suh Bo Ram expects the country to save $42 billion, or 3% of GDP, in the next ten years. A significant amount, which shows the need to transition to less physical technologies.
Digital identity cards are in any case one of the most telling applications of blockchain. They prove that the robustness of the technology is well suited for official use on a large scale.