According to a report shared by Bloomberg South Korea The government plans to introduce a digital identity protected by blockchain and strengthen their current economy through this identity.
Mobile identities are becoming increasingly popular as people transition to work from home, opting for digital payments over cash, and metaverse It is used to support the rapid development and expansion of the digital economy at a time when it is starting to get to know the world more closely.
Koinfinans.com According to media reports, as we reported, the adoption of digital identity will also simplify web verification, eliminating the need to photograph certificates or send authentication codes via text. Digital IDs are an important step in making transactions such as transferring money, applying for government benefits and even voting as simple as entering a password.
Speaking about the innovation on the South Korean front, Hwang Seong-wan, Economist of the Korea Science and Technology Policy Institute, said:
“digital identityThese products can bring huge economic benefits in finance, healthcare, taxes, transportation, and other areas, and can quickly become popular among the Korean population.”
It is considering bringing a complete online transformation in all services and industries, according to the Korean digital government bureau. The director general of the bureau stated that Korea could achieve at least 60 trillion won ($42 billion) in economic value, or 3 percent of GDP, within ten years.
Also, there is much less reason to worry about the privacy and security of digital identities, according to South Korean officials. Because the system is based solely on decentralized identity, the government will not be able to access information stored on individual phones, including the use of digital identities, how and where they are used.
Underlining the importance of digital identity verification, McKinsey’s research based on digital identities stated:
“When designed well, digital identity not only enables civic and social empowerment, but also enables real and inclusive economic gains, a less understood aspect of technology.”
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