Bloomberg: South Korea plans to offer blockchain-based digital identities to its citizens in 2024

ChainCatcher news, according to Bloomberg, South Korea plans to provide its citizens with blockchain-protected digital identities in 2024, aiming for adoption by 45 million people within two years. Under this plan, the government will not have access to information stored on individuals' mobile phones, including details on whose digital ID is used, how it is used, and where it is used, as the system will rely entirely on decentralized identity based on blockchain technology.

It is reported that South Koreans currently rely on resident registration cards to prove their identity. According to the proposal, the application will embed these IDs into mobile devices, and the South Korean government could gain at least 60 trillion won (42 billion USD) in economic value over the next decade, which is 3% of GDP. (Bloomberg)