Korea to issue IDs stored on blockchains.
19.10.2022
4584
Journalist
Shostal Oleksandr
19.10.2022
4584
Korea plans to create a digital ID system for citizens
Blockchain systems are actively used in electronic currency and have the highest level of security. Blocks cannot be overwritten or altered.
The Korean government announced that in 2 years they will create a system where data on IDs of nearly 45 million citizens will be stored.
According to the Korean government, digital IDs will significantly reduce the number of crimes. Citizens will no longer have to deal with bureaucracy or search for places to take document photos. In the long run, IDs will help optimize the operations of many sectors, such as healthcare and finance.
Initially, the initiative requires about 42 billion dollars in investments.
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