SK Telecom (SKT), the largest wireless carrier in South Korea has announced a partnership with Germany based Deutsche Telekom, which is the world’s fifth largest telecoms firm. The partnership is targeted at developing a blockchain-based mobile identification solution.
SK Telecom (SKT) and Deutsche Telekom to Sign an MoU
According to a recent press release, by SK Telecom (SKT), the two companies will be signing a Memorandum of Understanding (MoU) which is going to become formal during the Mobile World Congress (MWC) 2019, that is to commence on Feb. 25 in Barcelona, Spain.
Once formalised teams from both companies will develop a commercialized, blockchain-powered mobile identity solution which will, in turn, be used for apps ranging from access control, dealings and contracts.
According to sources from SKT, the blockchain-based digital identification will help to narrow down and provide adequate security while verifying personal data.
“Mobile blockchain identification can be utilized in a variety of areas including logins both online and in offices. Beginning with the latest collaboration, we will further spur the innovation of information and communications technologies.” Oh Se-hyun, head of SKT’s blockchain unit, explained
SKT has also noted the flaw associated with how much existing e-commerce and other web-based interactions require users to disclose personal data — such as their date of birth and phone number. In the end, the majority of this business end up losing control of this information and the unsuspecting owner doesn’t know about this.
With the encrypted blockchain system expected to get developed, this type of disclosure wouldn’t be necessary. As a result of this, more autonomous and secure management of sensitive information is encouraged. According to SKT, this new system could easily replace government documents, including passports.
With plans to demonstrate their newly created solution during MWC 2019, both telecoms firms have mentioned that they expect travellers from both countries will face less friction confirming their identities by using the new system.
SKT is Not New to DLT
This is not the first time SKT will be venturing into DLT. The company currently backs the popular Korean crypto exchange Upbit, and it has its own blockchain-based asset management service and blockchain startup support platform.