Woori Bank to Accept Blockchain-based Driving Permits as Form of Authentication

Source: Adobe/iaremenko

 

The South Korean monetary big Woori Bank has grow to be the primary industrial financial institution within the nation to begin accepting blockchain-powered driver’s licenses as an official kind of authentication.

Blockchain-powered driving permits have been first unveiled in 2019 below the auspices of the Ministry of Science and ICT and the nation’s police power. All three of South Korea’s greatest cell carriers (SK, KT, and LG U+) function apps that retailer digitized variations of the standard card-type driver’s licenses on customers’ cell phones.

The police then embraced the transfer with larger gusto in 2020, by which level round one million customers had been issued with digital permits.

The permits make use of blockchain-based Distributed Identity Identification (DID) technology.

The media outlet White Paper reported that Woori’s transfer has been endorsed by the Ministry of Public Administration and Security, which is at present implementing the federal government’s so-called Digital New Deal project.

The adoption project will permit clients to use their apps to confirm their id at Woori Bank branches when making in-person transaction requests. Before the transfer, South Korean banks solely accepted social safety playing cards, passports, and card-type driving permits as authentication-related paperwork.

The transfer additionally has assist from the Korea Minting and Security Printing Corporation (KOMSCO). The latter was as soon as the nation’s official coin minter and banknote printer, as nicely as its greatest ID card issuer.

Of late, although, it has grow to be one of South Korea’s greatest native stablecoin issuers, working in tandem with native governments across the nation to launch fiat KRW-pegged tokens and blockchain-powered reward certificates.

The financial institution additionally hinted that it was trying to discover the permits use to confirm “non face-to-face” transactions sooner or later – a sign that it may additionally permit its clients to use the permits to confirm on-line funds and transfers at a later date.

In order to make use of the brand new system, Woori said that clients would wish to have been issued with a cell driver’s license from a certified license take a look at heart or a police station.

Woori branches will now permit clients to app-generated scan QR codes to “verify the integrity of submitted information” utilizing blockchain technology.

Scanning the code will permit branch-based workers members to entry a spread of info displayed on their terminal displays, Woori added.
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Learn extra: 
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– Watch: Concordium’s Chairman on Digital Identity, Growth Plans, Crypto Trends, and More

– How Countries Use Digital ID to Exclude Vulnerable People
– How Microsoft’s Identity Service on Bitcoin Gives You Control

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