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7 Korean Banks Go Live with Blockchain Decentralized Identity Service

– Ledger Insights

  • News
  • Posted by Good ID team (Good ID)
  • 17 September 2021

Korean banks have issued a BankID which requires a one-time-only verification

This article explores the new digital ID, MyInfo, which stores basic information and a bio identity securely on your smartphone. It is used to login to the bank or to make applications with other BankID-compatible companies.

"The wallet stores details such as mobile phone number, address and e-mail. It also includes a bio identity, which may involve facial recognition."

The pros and cons of using a decentralized identity system is considered in this article. Ledger Insights have requested information about the data stored on the blockchain, due to concerns over the lack of clarity, and the possibility of the digital ID creating an extensive digital trail.

While the solution is compliant with W3C standards, there are considerable differences between DID solutions, particularly regarding what is stored on the blockchain

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