Digital identity can only be made possible when businesses and regulators engage themselves and work together to deliver on the possibility of its conception. Is Blockchain the key to unlocking a proper digital identity solution?
Blockchain-based digital identity has come a long way over the last few years, particularly because of widespread data breaches and the continuing threat to online data on a global scale. Digital identity has evolved as one of the most important issues facing organisations and consumers around the world. This is evident from the commitment shown by a number of leading companies that have involved themselves in the sector.
Go deeper with GlobalData
South Korean banks KEB Hana Bank and Woori Bank have recently collaborated with Koscom, Samsung Electronics, and three other telecoms providers to develop a blockchain-based system for storing digital identities.
The project will go through its first beta phase by the end of 2019 with an aim to commercialise the offering by 2020. The network will be used for a number of mobile authentication services, starting with the likes of college graduation document issuance, before enabling digital onboarding at banks and recruitment hiring at telcos in the future. All this will be done under a ‘self-sovereign’ model, which will enable consumers to load and protect their own data on the blockchain platform.
Elsewhere, the introduction of a blockchain digital identity system in Canada is a major milestone that will give consumers in the country an easy way to share their personal information.
Such systems still have many doubters but according to industry experts, blockchain-based platforms are expected to play an important role in providing digital identification and personal data in the future. An example of a company with a presence in this space is Lynked.World, which is utilising blockchain’s potential to provide verification of identity as well as professional and educational experience. The company partnered with the municipal government of Kolkata in India and produced its first blockchain-based birth certificate in December 2018.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBy recognising the benefits and the necessity for digital identification in the future, businesses can begin to work through collaboration, particularly with governments, to deliver on the promise for digital identity that will factor in consent and privacy.
Consumer identity technology in the data market is rife at the moment and providers are showing a keen interest in it. The introduction of a digital identity system will improve services not just for customers but for businesses and governments in the future.
