Tech giant Samsung has partnered with six other Korean firms to develop a blockchain-based certificate and ID authentication network.
Announced on Sunday, the partnering institutions include; Samsung, mobile carriers – Sk Telecom, LG Yuplus and KT, Banks – KEB Han and Woorland, Government securities infrastructure provider – Koscom.
The project will provide an authentication solution which allows users to verify their identity and qualifications on the blockchain; devoid of middlemen or third party interference. The project aims to give users more control over their personal information, ensure secure storage on mobile devices, and chose what data to share as required.
According to details, the system will first be utilized for real-time issuance, distribution and verification of graduation and educational certificates from universities in Korea. Further application will see the system used in the recruitment process by these telecom companies, to ensure certificates are not falsified.
There are also indications of expansion of the service to other companies and sectors such as banking, healthcare and insurance; as these industries have great need for user authentication and digital signatures.
A Beta test of the system will roll out by year end with a decision on its commercialization set for next year.
Samsung continues its activities in the space, currently ranking among top tech firms making moves in the crypto and blockchain industry. Similarly, Microsoft had earlier this year launched an ID network based on the bitcoin blockchain, as the idea of decentralization spreads.