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SK Telecom launches blockchain wallet

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SK Telecom, the South Korean wireless telecommunications giant, with the approval of the Ministry of Public Administration and Security, has announced the launch of a new blockchain-based wallet for digital document storage. This major step could prompt South Korea to rapidly digitize state-issued documents.

 

As claimed by SK Telecom, the wallet will be driven by blockchain technology and will work together with the Government24 Digital Initiative program, which endorses the issuing and distribution of certificates digitally. This initiative is especially relevant as the Covid-19 pandemic continues to spread worldwide.

 

The company’s blockchain-powered wallet will work in conjunction with the Government24 app, sharing documents seamlessly between these endpoints, as well as with local and government institutions, banks and insurance providers. Citizens will be able share documents such as immigration certificates, copies of resident registration cards, health insurance documents using the mobile app managed by the blockchain. As reported by SK Telecom, the wallet will support 13 different types of documents and certificates. This number will increase to 100 document types later in the year.

 

SK Telecom’s head of Blockchain & Certification Division, Oh Se-Hyun, commented: “Blockchain is a vital technology in today’s rapidly changing environment. There is a dire need for virtual interactions and innovative processes for streamlining certificates and other government-issued documents.”

 

Blockchain technology is moving beyond the typical core cryptocurrency application to other uses that could change society permanently. South Korea appears to be a global leader in blockchain adoption, rapidly implementing DLT(Distributed Ledger Technology). The country has recently turned Busan into a “regulation-free” zone, developing state-of-the-art technologies, including the development of a blockchain power plant and its own cryptocurrency.

 

Also, beach visitors to Busan will be able to pay for services using Bitcoin (BTC) and Ethereum (ETH). Meanwhile, one of South Korea’s largest banks, KEB Hana Bank, has joined forces with the Korea Expressway Corporation to implement a blockchain-based toll system for the country’s highways.