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Blockchain-Based Digital ID Could Boost South Korea's Economy

Industry: Business Applications & Development Services
Current: Market Sizing & Shares

South Korea plans to provide smartphones with a digital identity protected by blockchain to its citizens to promote economic growth
Several emerging technologies, including smartphone-implanted IDs, support a digital economy that expanded as more people work from home, conduct cashless transactions, and explore the metaverse
Digital IDs do away with the need for text-based authentication or taking a picture of a certificate, making it simpler for confirmation online

Digital IDs Give Rise to Digital Economy

As South Korea reaches out to its population that is the most tech-savvy in the world to spur economic growth, the government intends to provide residents with smartphones with a digital identity that is protected by blockchain. A digital economy that has grown as more people work from home, do cashless transactions, and explore the metaverse is supported by several developing technologies, including smartphone-implanted IDs.

Digital IDs make it easier to be verified online since they eliminate the requirement to take a picture of a certificate or use text-based authentication to log in. Instead, actions such as transferring money, voting, or even qualifying for government benefits are as close as a PIN or fingerprint.

The market value of Blockchain technology globally increased in 2022 in comparisonto that in 2021, according to GlobalData.

Blockchain identity management systems could be used to counter identification threats such as fraud, and solve data security challenges, inaccessibility and other problems. Blockchain gives digital identities a new dimension by enabling both natural and legal persons to control their identities. Digital IDs have the potential to increase a country's gross domestic product by up to 13% and reduce company expenses by trillions of dollars, according to the World Bank. The projection is made on the widespread use of digital IDs, time savings in administrative tasks, decreased fraud in payroll, increased consumer credit, improved trade, and the emergence of new markets.

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