The blockchain Identification system
Currently, three major financial service firms are planning on making a mobile ID system using the Blockchain technology and include three mobile carriers and other tech companies. The partnership is aimed at developing a mobile identification platform in 2020.
These companies will develop a system that will help to establish a “self-sovereign identity” system, which will become a new form of identification that will remove the involvement of intermediaries and most government-certified or any publicly run entities currently managing data.
This will enable individuals and organisations to assert their identity in any online transactions.
According to the information coming from the consortium developing the mobile ID application system, it will be allowing an individual to store their personal keys, along with their information, resident numbers and bank account numbers if needed.
This will reduce or completely remove the risk of fraud using the blockchain technology given that the blockchain is resistant to data modification, easily verifiable and a permanent method of keeping records of transactions between two parties.
The consortium mentioned that:
“The project will create the strongest possible synergy effect as the participants are top leaders in their respective fields.”
Companies busy with blockchain experiments
Samsung Electronics is a global leader in the development of mobile technology industries and the company will ensure the safe and secure management of all stored data with its Samsung Knox, which is an enterprise mobile security solution.
This application comes pre-installed in most of its smartphones, wearables and tablets.
The company also mentioned that:
“Cooperation among ICT, telecom and financial services will help people experience new and advanced services.”
The consortium is seeking to add more partners in the year 2020, which will include large businesses, Hospitals, Universities, Entertainment companies, resorts, insurance companies along with a few country clubs.
The project seeks to remove and reduce any irregularities in academic records, diplomas, insurance fraud, compensation records as well as discounts on movie tickets and amusement parks.
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