One of South Korea’s leading telecom companies has announced a new digital wallet for managing and storing blockchain-issued digital certificates, in a move that could generate widespread uptake of the technology across the country.
SK Telecom’s wallet has been approved by the Ministry of Public Administration and Security for its wallet, according to local media reports. The wallet was built for compatibility with the department’s own Government24 digital certificate program, set up to facilitate the issuance of electronic certificates in South Korea following the COVID-19 pandemic.
Registration cards, health insurance documents and immigration papers are among the certificates which can now be supported by the wallet, replacing processes previously reliant on paper documents. These certificates and papers can now be issued through a mobile app, powered by blockchain technology, leading to improved efficiency, greater convenience, and better data handling and security.
Documents received by the SK Telecom wallet app can be shared easily with public and government institutions through the initiative, as well as with the likes of private banks and insurance providers.
Head of Blockchain & Certification Business at SK Telecom, Oh Se-hyun, said greater adoption of blockchain was of strong importance in South Korea because society is “rapidly changing due to the need for non-face-to-face solutions where we need innovation in the process of submitting and processing certificates centered on paper documents and manual work.”
South Korea is increasingly moving towards digital solutions in a variety of settings. A recent report suggested as many as one million driving licenses are now issued only on the blockchain, with South Korean’s foregoing physical driving licenses for app-based certification.
This already accounts for some 3% of motorists in South Korea, and is expected to rise in the coming years as more licenses are issued or renewed via the blockchain.
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