On Monday, the
Korea Financial Telecommunications and Clearings Institute (KTFC) announced the launch of blockchain-based digital IDs for financial services. The organization aims to streamline consumer processes such as renewing loans and opening bank accounts. The IDs are designed to be interoperable between service providers, and already have more than 30 firms signed up.
Non-profit payments institution KTFC has launched multiple clearing, bonds, and inter-bank systems. Its announcement gives an example of a worker who needs to renew their loan. Currently, they need to get documents such as income and tax details from their workplace, then go in person to a bank branch.
With
decentralized identities (DiDs), they can instead link with their bank on a smartphone and send digital documents remotely, completing an application with just a few taps. Once a trusted institution authenticates a DID, it is stored immutably, so the consumer can use an accompanying biometrics app to verify their identity on the go.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
