South Korean Telecom Rolls Out Blockchain Wallet for Official Records October 22, 2020 October 22, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 22, 2020 by Kelly Cromley

South Korean Telecom Rolls Out Blockchain Wallet for Official Records

SK Telecom, the South Korean telecom behemoth, has stated that it will distribute its foremost digital wallet for blockchain technology based digital certificate storage administration with the endorsement from the Ministry of Public Administration and Security.

As per NewsTomato, SK’s Wallet complements the ministry backed Government24 digital certificate program, which fosters the utilization of digital certificate creation and distribution platforms in South Korea against the backdrop of the Covid-19 pandemic.

SK Telecom’s digitized public certificates consists of resident registration document, health insurance qualification record, immigration document and numerous other certificates earlier issued physically with signature.

Such documents will now be distributed via a mobile app powered with blockchain technology.

Certificates distributed via the Government24 app can be obtained in the SK’s wallet and presented in the future to public institutions, financial organizations and private firms as digital records.

In the early phase, 13 kinds of certificates will be supported by the wallet and by the end of the year, SK Telecom intends to make the wallet support 100 types of certificates, including documents related to tax.

Oh Se-hyun, chief of SK Telecom’s Blockchain & Certification Business Division, stated that blockchain is a much needed technology in a society that 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.”

He also underlined the security benefits the technology could draw to such procedures.

In recent times, there were news reports that roughly one million South Koreans have denounced their physical driving license in order to obtain a blockchain technology based digital substitute utilized in concurrence with the PASS smartphone app. This accounts for over 3% of the total driving population in South Korea, which stands at about 32.60 million in 2019 as per Statista.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.