The new digital identity instrument will be developed in blockchain technology, which will enjoy total decentralization; no government authority or any other type will be aware of the moment it is used.
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By 2024, South Korea believes it will implement this type of technological identification to its citizens, leaving behind physical markers and taking a step towards integrating with blockchain technology.
The government is creating a strategy to integrate these digital IDs with mobile devices to operate similarly to physical residential registration cards. Sign up at the crypto engine to learn more.
Scope of use of digital IDs
This new form of digital identity should be fully operational in about two more years, and possibly more than 50 million South Korean citizens will adopt this technology.
These digital identity documents will have a broad sectorization where they can be used, such as transportation, finance, health, education, and industries, allowing greater agility when performing any operation that requires information.
This system allows total protection of the information in the mobile phones, through which the digital identification will be operated, avoiding revealing everything related to its use and implementation.
This technological system is not something recent and unknown to this nation, occupying one of the first positions worldwide in using and integrating technology with all daily life processes.
Digital identification alternatives based on block technology
It is not the only time digital identification has been created with blockchain technology, which was already implemented in this country.
Last year, despite passing during the pandemic, millions of the South Korean population adopted the use of a driver's license developed under blockchain technology, which could be operated through an application for smart mobile devices such as Korean PASS.
South Korea is considered a country on par with technology. It goes hand in hand with the metaverse and the blockchain-based security system, setting an example to get many countries to adopt this technology.
South Korea does not hesitate to bet on the metaverse
In this country, the implementation and use of cryptocurrencies as a means of investment and commercial exchange are very notable and subject to particular regulations. It has always made its constant interest in being part of the most promising technological projects in the apparent world moment, Meta and web3.
It is known that one of the most influential cities in the industrial field, such as Changwon, created its environment in the metaverse to increase its negotiations and sales of products; in addition to the well-known metropolis, the city of Seoul also expresses the development of your copy in this virtual environment.
There are many more development options interested in being part of this new digital world, which could be the total stability of the economy.
Economic scope of the growth of the blockchain
According to studies and analyzes carried out in the current year by the investigative organization ReportLinker, it was announced that the increase in the blockchain market could be more than 4 billion dollars within three years, which marks an annual rise of 80%.
While the CEO of another renowned financial portal, such as Bundlesbets, stated that regardless of its decentralization capacity, digital identification technology must, at some point, have the government's support for the verification of identities safely with the population data.
Otherwise, they will not have any value; therefore, they will be unable to be used in public service systems or organizations that do not recognize them, which would be their worst disadvantage.
South Korea is an intelligent country. Although it has adopted cryptocurrencies in its economy, it is also aware that these uncontrolled digital currencies carry significant risks, which can cause severe problems and inconveniences in the country's financial system, organizations, and staff.
A greater degree of interest must be had, being aware that a lot is being risked, but with the conviction that if the results are as expected, incomparable results will be achieved with the use and implementation of this technology.
Meta and cryptocurrencies will be an outstanding achievement and advance in the economy of this country, achieving great acceptance.