South Korea issues digital IDs secured by blockchain

South Korea is testing a digital ID card that digitizes a system that has been in use for almost six a long time, utilizing blockchain to enhance safety.

In line with native reviews, the brand new digital identification will likely be examined in 9 areas, together with the cities of Sejong and Yeosu and the provinces of Geochang and Yeongnam. It is going to be accessible to all residents of those areas aged 17 or over.

The brand new system digitizes a nationwide identification card system that has been in use since 1968. Nevertheless, in 2021, the South Korean authorities launched three new digital ID playing cards: a cell driver’s license, a veteran registration card, and a overseas ID card.

Digital IDs have gotten more and more standard worldwide as increasingly more governments proceed to digitize their companies. Nevertheless, cybersecurity stays a significant problem. With identification now related to just about each side of residents’ every day lives, governments should guarantee it’s adequately protected in an period the place AI is taking cybercrime to a brand new degree.

In South Korea, the federal government will depend on superior encryption and blockchain expertise to enhance safety, native reviews say. It’s unclear which blockchain the federal government desires to make use of and to what extent. Beforehand, the Seoul Metropolitan Authorities constructed functions on ICON, an area blockchain community, however the functions had been restricted to smaller duties equivalent to doc issuance.

In a separate announcement, the Ministry of the Inside and Safety introduced that it might additionally challenge digital residence playing cards to foreigners dwelling within the nation. The brand new playing cards may have the identical authorized validity as their bodily counterparts and can be utilized to entry private and non-private companies. The ministry is working with native banks to allow the usage of digital playing cards for fintech companies.

The ministry added that overseas nationals whose residence playing cards had been issued earlier than January 1, 2025 might want to go to an immigration workplace to board. Nevertheless, the playing cards issued this yr are outfitted with an built-in circuit chip that permits holders to simply arrange their digital identification on a cell app.

South Korea joins a number of different governments exploring digital identification to maintain tempo with the speedy digitalization of most companies. Lately, Qatar launched the ‘Nationwide Digital Authentication and Belief Companies Technique for 2024-2026’, and a unified digital ID is considered one of its pillars.

In Afghanistan, digital ID, referred to as e-Tazkiras, has exploded prior to now yr, now reaching greater than 15 million Afghans. This week the federal government introduced it was organising new enrollment facilities because the variety of candidates was off the charts. In Nigeria, the federal government has set an bold goal of 180 million digital IDs by the top of 2026, representing 100% uptake in an initiative supported by the World Financial institution.

Thailand’s former prime minister desires digital belongings to be legalized

Thaksin Shinawatra, the previous Prime Minister of Thailand, has known as on the Thai authorities to legalize digital belongings and on-line playing.

Shinawatra was talking at an occasion following the passage of a brand new invoice easing strict restrictions on casinos. Regardless of the restrictions, thousands and thousands of Thais interact in playing, and estimates recommend billions of {dollars} go into the trade yearly.

Shinawatra believes the federal government ought to take an identical stance on digital belongings. As with playing, the federal government is hard on the trade, though restrictions have been eased in recent times. Earlier this month, the federal government proposed legalizing digital asset funds in Phuket’s vacationer space. The securities regulator has additionally proposed legalizing spot ETFs for digital belongings.

Shinawatra famous that with the rise of Donald Trump as US president, the prominence of digital belongings will skyrocket globally, and he desires Thailand to place itself to benefit from that. He known as on the SEC to contemplate “permitting stablecoin buying and selling, or cash backed by belongings… There will likely be no danger, it is simply one other forex on this planet.”

Shinawatra was Prime Minister of Thailand from 2001 to 2006. Though he has since retired from energetic politics, he has nice affect on the nation’s governance, alongside together with his daughter, Paetongtarn Shinawatra, the present Prime Minister.

Thailand has one of the vital superior central financial institution digital forex (CBDC) techniques on this planet. It’s also a founding member of the mBridge pilot, which is constructing a regional CBDC system for quicker and cheaper cross-border funds between members together with Hong Kong, the UAE and China.

Watch: Digital identification is a core a part of Web3, and here is why

title=”YouTube video participant” frameborder=”0″ enable=”accelerometer; autoplay; clipboard-write; encrypted media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross- origin ” allowfullscreen>