South Koreans are expected to have a blockchain ID available by 2024
South Korea has always been at the forefront of these sorts of technological adoptions. And this one will be a very interesting one to follow. If it goes well it will be hard for other countries to argue against these sorts of use cases for blockchain technology.
Blockchain ID
As the current plan stands, the blockchain ID will be completely decentralized. Meaning the government will not be able to see when and where the ID is being used. Something I would argue is paramount.
The ID will be embedded in a mobile app, allowing any user with a phone to have access to the app. Well, users with a smartphone anyway. And they expect a massive 45 million users to have adopted the blockchain ID app within two years. Given that there are only roughly 52 million living in South Korea those numbers, if they hold, will be truly impressive. That virtually would mean all adults or people with ID basically will be using this new blockchain ID.
The use cases for the IDs are said to be finance, healthcare, taxes, and transportation. But this list will most likely keep growing over time. It is also believed that it could help businesses that haven’t yet transitioned fully online. I would assume that would tie into a KYC process, at least I assume it will be connected to it and simplify things.
And according to a 2021 report, the blockchain ID business segment is expected to grow to a massive $3.58 billion by the end of 2025, with an annual growth rate of 71%. My guess is that this project will only be the first of many that will be announced shortly.
Would you consider using a blockchain ID app like the one mentioned above? Or do you think the cons outweigh the pros here? Please sound off in the comment section down below. If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead.
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