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South Korea to Implement Blockchain-Based Digital IDs in 2024

South Korea to Implement Blockchain-Based Digital IDs in 2024

In 2024, South Koreans may be replacing their physical identification cards with blockchain-powered digital IDs.

South Korean government is reportedly planning to introduce blockchain-based digital identification (ID) to boost the country’s economic growth.

According to the Bloomberg report, the South Korean government is planning to change physical ID cards to digital ones in the form of a mobile application.

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The report notes that the new technology is set to see daylight in 2024, with more than 45 million citizens expected to adopt the technology within two years.

It is reported that for the tech-savvy nation, this technology would help tremendously, as increasingly more people are working from home and doing cashless transactions. By having digital IDs, citizens would save time transferring money, voting, or filling out documents for government benefits.

When talking with Bloomberg, Hwang Seogwon, an economist at Korea’s Science and Technology Policy Institute, noted:

Digitals IDs can yield huge economic benefits in finance, healthcare, taxes, transportation, and other areas and may catch on quickly among the Korean population.

The World Bank noted to Bloomberg that implementing digital IDs may help to enhance South Korea’s gross domestic product by 13%.

Moreover, global management consulting firm, McKinsey & Co, highlighted that the wide adoption of digital IDs would save time for performing administrative tasks. On top of that, digital IDs would play a significant role in increasing trades, consumer credits, and the emergence of new markets.

It is not the first time South Korea is aiming to implement blockchain technology to replace physical documents. In August 2020, more than one million South Koreans used the mobile app PASS to replace their physical driver’s license cards with digital ones

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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