South Korea Plans to Boost Its Economy with Blockchain E-ID

Subh Rath

October 19, 2022

Globally known as the most tech-savvy country in terms of its technological advancements and usage, South Korea has become a popular name among the digitally advanced countries today. In its approach towards adopting more innovative digital solutions, South Korea is now set to bring solutions for its citizens related to the blockchain industry. 

At present, South Korea plans to equip its citizens who own cell phones with a digital identity secured by blockchain to stimulate economic growth by appealing to the world’s most tech-savvy populace.

Smartphone-implanted IDs are one of several new technologies that help sustain the expanding digital economy, allowing more people to work remotely, conduct monetary transactions without using currency, and explore the metaverse.

The Future of Digital IDs in Korea and Globally:

Digital IDs make online verification faster because you don’t have to take a picture of a certificate or use text-based authentication when you log in. To do things like sending money to a friend or voting, you must now touch a button or poke a hole with a pin.

Moreover, according to an economist at Korea’s Science and Technology Policy Institute, Hwang Seogwon, “Digitals IDs can yield huge economic benefits in finance, healthcare, taxes, transportation, and other areas and may catch on quickly among the Korean population.” 

World Bank and McKinsey & Co. have estimated that digital IDs could increase a country’s GDP by up to 13% and cut business costs by trillions.

The broad adoption of digital IDs, resulting in reduced payroll theft, more available consumer credit, enhanced trade, and the formation of new markets, is the foundation on which McKinsey bases its forecast.

Is This a New Approach?

If we look back at the ever-evolving tech world and how it has introduced multiple user-friendly solutions for the economy, especially in relevance to the blockchain industry, various corporations have introduced such unique and impactful blockchain solutions in the leading countries.

Specifically, if we talk about digital IDs or digital presence linked with blockchain networks, various platforms like PhotoChromic and Hypersign have been successful introducers of this concept. These platforms are popular, trusted, and consistently evolving to improve their approach to revolutionizing the decentralized world. 

Hence, today, PhotoChromic has made its name a reliable gateway that unlocks boundless possibilities for individuals by providing complete control over their best asset — their identity — while allowing them to safely engage online without revealing sensitive personal information. 

Likewise, Hypersign Protocol is an Identity solution and Whitelisting platform that works across several blockchains. This transparent, easy-to-use authentication solution securely stores user data in a manner only the owner can access.

Conclusion:

As the Web3 approach towards all things digital is rising in the crypto world and introducing more efficient and anonymous crypto-based operational solutions, the decentralized identity management organizations are also increasing with improved service and features. 

It’s time we witness E-IDs on blockchain become a part of our day-to-day life activities.