YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

South Korea to use the Ethereum Blockchain for Digital ID’s? Here’s what the government plans

October 17, 2022
in Crypto News
Reading Time: 3 mins read
A A
ShareShareShareShareShare

You might also like

OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitco…

OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitco…

June 1, 2023
Investors Accuse Elon Musk of Insider Trading in Dogecoin Lawsuit

Investors Accuse Elon Musk of Insider Trading in Dogecoin Lawsuit

June 1, 2023

  • The government of South Korea forecasts gaining 60 trillion won ($42 billion), or 3 percent of GDP, in economic value within a decade after digital ID adoption.
  • Smartphone-implanted IDs have emerged as a top priority for most governments intending to tap into blockchain technology.

South Korea intends to issue digital identification (IDs) through the Ethereum blockchain. As such, the South Korean government has projected a bump in the country’s economy in the coming decades. Moreover, South Korean people can access global online services seamlessly with digital authentication. Otherwise, using physical IDs on online services, which involves taking a photo, will not be required for South Koreans after implementing digital IDs.

The government has tapped the largest smart contract platform, Ethereum, which recently migrated to PoS via the Merge event, to broaden its GDP output.

“Every service that hasn’t been able to transition online fully will now be able to do so,” said Suh Bo Ram, director-general of Korea’s digital-government bureau, spearheading the plan.

Reportedly, South Korean citizens with smartphone access will be able to use the digital ID once the plan is implemented. Smartphone-implanted IDs have emerged as a top priority for most governments intending to tap into blockchain technology. Moreover, blockchain technology offers a secure platform for businesses to scale operations globally.

“Digitals IDs can yield huge economic benefits in finance, healthcare, taxes, transportation, and other areas and may catch on quickly among the Korean population,” said Hwang Seogwon, an economist at Korea’s Science and Technology Policy Institute. “But there has to be more risk assessment technologically to make sure the danger doesn’t outweigh the benefits,” he said.

South Korea taps into blockchain technology

The government of South Korea forecasts gaining 60 trillion won ($42 billion), or 3 percent of GDP, in economic value within a decade after digital ID adoption.

Furthermore, the World Bank refers to digital IDs as a “game-changer”, whilst McKinsey & Co. sees their potential to increase a nation’s gross domestic output by up to 13 percent and cut business costs by trillions of dollars.

Reportedly, the country intends to roll out digital IDs in 2024, with the government estimating that 45 million of its people will adopt them. 

Consequently, government services will be smoothed as few people will need to go to offices for ID renewals.

The Ethereum network is expected to benefit significantly from the deal, as it will reciprocate a new Dapp with major volume flow. Furthermore, the ETH network is capable of handling more transactions per second currently than when it was under the Proof-of-Work (PoW) consensus mechanism.

Blockchain technology has constantly been at the core of global geopolitics, especially in the past three years since the onset of the Covid pandemic. In fact, two countries, El Salvador and the Central African Republic have adopted Bitcoin, the blockchain pioneer, as legal tender.


Credit: Source link

Related Stories

OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitco…
Crypto News

OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitco…

June 1, 2023
Investors Accuse Elon Musk of Insider Trading in Dogecoin Lawsuit
Crypto News

Investors Accuse Elon Musk of Insider Trading in Dogecoin Lawsuit

June 1, 2023
Bitcoin Integration on the Agenda at Upcoming Summit
Crypto News

Bitcoin Integration on the Agenda at Upcoming Summit

June 1, 2023
Macy’s Shares Drop after Reporting Mixed Q1 2023 Earnings and Lowered Its Full-Year Outlook
Crypto News

Macy’s Shares Drop after Reporting Mixed Q1 2023 Earnings and Lowered Its Full-Year Outlook

June 1, 2023
Next Post
What’s in the White House study on crypto policies and regulations?

What’s in the White House study on crypto policies and regulations?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bitcoin Ordinals ‘could look better’ on Cardano

Bitcoin Ordinals ‘could look better’ on Cardano

May 28, 2023
FBI urges caution with cryptocurrency scams on the rise – 9News.com KUSA

Matlock chef conned out of life savings by beautiful crypto scammer – Derbyshire Live

May 29, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 26,892.00 0.8%
    • ethereumEthereum (ETH) $ 1,868.52 0.15%
    • tetherTether (USDT) $ 1.00 0.04%
    • bnbBNB (BNB) $ 305.41 0.14%
    • usd-coinUSD Coin (USDC) $ 0.999240 0.07%
    • xrpXRP (XRP) $ 0.509277 1.03%
    • staked-etherLido Staked Ether (STETH) $ 1,867.46 0.19%
    • cardanoCardano (ADA) $ 0.366056 2.6%
    • dogecoinDogecoin (DOGE) $ 0.071733 0.59%
    • matic-networkPolygon (MATIC) $ 0.889563 0.06%
    • solanaSolana (SOL) $ 20.57 0.53%
    • litecoinLitecoin (LTC) $ 94.35 5.47%
    • tronTRON (TRX) $ 0.074862 0.73%
    • polkadotPolkadot (DOT) $ 5.22 1.67%
    • binance-usdBinance USD (BUSD) $ 0.999705 0.13%
    • shiba-inuShiba Inu (SHIB) $ 0.000008 0.11%
    • avalanche-2Avalanche (AVAX) $ 14.11 0.29%
    • daiDai (DAI) $ 0.999984 0%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 26,927.00 0.7%
    • uniswapUniswap (UNI) $ 5.00 0.07%
    • leo-tokenLEO Token (LEO) $ 3.59 2.22%
    • chainlinkChainlink (LINK) $ 6.37 1.13%
    • cosmosCosmos Hub (ATOM) $ 10.34 1.27%
    • okbOKB (OKB) $ 45.90 0.46%
    • moneroMonero (XMR) $ 147.75 1.62%
    • the-open-networkToncoin (TON) $ 1.78 3.04%
    • ethereum-classicEthereum Classic (ETC) $ 17.82 0.56%
    • stellarStellar (XLM) $ 0.091175 1.02%
    • bitcoin-cashBitcoin Cash (BCH) $ 113.05 0.37%
    • internet-computerInternet Computer (ICP) $ 4.68 0.64%
    • true-usdTrueUSD (TUSD) $ 0.999508 0.06%
    • filecoinFilecoin (FIL) $ 4.70 0.76%
    • lido-daoLido DAO (LDO) $ 2.08 0.32%
    • aptosAptos (APT) $ 8.54 2.9%
    • quant-networkQuant (QNT) $ 114.96 1.26%
    • hedera-hashgraphHedera (HBAR) $ 0.050484 1.38%
    • crypto-com-chainCronos (CRO) $ 0.058645 1.44%
    • arbitrumArbitrum (ARB) $ 1.15 0.35%
    • vechainVeChain (VET) $ 0.019881 2.32%
    • nearNEAR Protocol (NEAR) $ 1.55 0.33%
    • the-graphThe Graph (GRT) $ 0.128679 3.33%
    • apecoinApeCoin (APE) $ 3.08 1.62%
    • algorandAlgorand (ALGO) $ 0.149120 1.25%
    • the-sandboxThe Sandbox (SAND) $ 0.564071 6.61%
    • paxos-standardPax Dollar (USDP) $ 0.999295 0.05%
    • fraxFrax (FRAX) $ 0.998295 0.09%
    • edgecoin-2Edgecoin (EDGT) $ 1.00 0.04%
    • eosEOS (EOS) $ 0.886397 0.46%
    • rocket-poolRocket Pool (RPL) $ 48.84 0.68%
    • elrond-erd-2MultiversX (EGLD) $ 36.86 0.8%