Companies across various industries are forming partnerships to leverage an unlimited potential of blockchain technology and cryptocurrencies. Thousands of partnerships have been formed across tech companies, financial institutions, energy companies, and companies from almost any industry one can think of. Recently, South Korea’s leading telecom, banking, and conglomerate companies have come together to form the base for a new blockchain-based mobile authentication.
South Korea’s multinational conglomerate Samsung, leading telecommunication companies and top banks have recently announced the partnership and formed a consortium to build a new blockchain network as a foundation for new mobile authentication service. It is a huge step towards secure and seamless mobile authentication.
Samsung along with SK Telecom, KT, LG Uplus, KEB Hana Bank, Woori Bank, and Koscom together announced the formation of a new blockchain platform to facilitate next-generation mobile authentication services. Members of newly form consortium said that the blockchain-powered mobile authentication services will allow the users to have total control over their data and will be able to decide with whom they share their data. Consumers will also be able to share their information issued by banks, telecommunication companies and other companies that required them to provide valid identity, all in their smartphone. Which means consumers won’t have to carry their documents whenever they are looking for new services which demand identity verification.
According to the announcement, the announcement the newly developed mobile authentication will be implemented for the distribution and issuing of college graduation certificates. This will allow the students to store single authenticate digital certificate in their smartphone while applying for a job. Companies, on another hand, can verify the certificate through the blockchain network.
SK Telecom, KT, and LG Uplus have already planned to test the network when they will start hiring. The consortium is planning to add more companies from different industries such as medical, insurance and travel and hospitality. Many of these companies have already started exploring the blockchain and providing related services. For instance, Samsung has rolled out cryptocurrency wallet in their newly launched Galaxy S10. KT is already using the blockchain for its commercial network and offering blockchain-as-a-service for optimum security for its clients. Lastly, LG CNS has been applying its blockchain platform Monchain to enhance transparency behind the food products served at school cafeterias.
South Korean companies formed a consortium to develop blockchain-based mobile authentication services is a huge step toward blockchain expansion and accelerate its mainstream applications.