The business vision of South Korea is to reach out to a mass tech-savvy population using smartphones, by the year 2024 and offer them blockchain based digital identities. According to the ambitious plans and intentions of the concerned bodies of South Korea, by 2024, they will be collectively bringing in 45 million of its population under blockchain protection.
In other words, they aim to provide blockchain-protected digital identities to all those actively using smartphones. It is being carried out with the ultimate intention and goal of further increasing the possibilities and opportunities of economic growth.
The actual base of this enormous exercise is to ease out the entire process of authentication and verification-related issues and not have to take pictures of codes and connected certificates. However, the issue that may have been a concern for the citizens who will come under this has been addressed by the important fact that, in the process, the concerned government will in no way whatsoever be in any position to have even the slightest bit of access regarding even the tiniest bit of information that has been kept and saved in every person’s hand-held device.
However, this will also be applicable in terms of the government’s inability to protect the identity of the digital ID user or any kind of information about its location. Privacy matters will be of prime consideration. This in turn will be made possible with the entire system’s reliance on a decentralized identity.