• South Korea is one of the most tech-savvy countries in the world
• Blockchain-based ID to be introduced by 2024
• Digital driving licenses have been around since 2020
South Korea’s interest in Web3 and Metaverse
South Korea is one of the most tech-savvy countries in the world. Again and again, the general population as well as the government, administration and industry rely on new technologies. Blockchain technologies and the metaverse are not excluded, as BeInCrypto reports. For example, the coastal city of Changwon decided to redesign its industrial complex in the Metaverse to promote its businesses and products. The South Korean capital Seoul has announced a five-point plan to build a replica of the city in the Metaverse, and the city of Seongnam also plans to build its likeness in the Metaverse, with the entire project expected to be completed as early as next year. But despite the promotion of new technologies, the government is also focusing on regulating the crypto market.
advertising
and trade other cryptos with leverage (long and short)
and other cryptocurrencies have recently corrected significantly. Trade cryptos such as Bitcoin or Ethereum with leverage at Germany’s No. 1 CFD provider and participate in rising and falling prices.
Blockchain-based identity system could replace ID cards
South Korea’s latest blockchain project is a blockchain-based identity system. This is intended to replace the card-based ID system currently in use around the world. The digital identifiers would be used in conjunction with smartphones to enable ease of use across a range of industries. This would allow South Korean citizens to use their smartphones for a range of activities, including administrative and financial processes.
Hwang Seogwon, an economist at the South Korea Science and Technology Policy Institute, told Bloomberg, “Digital IDs can bring huge economic benefits in finance, healthcare, taxation, transportation and other areas, and could quickly catch on among the Korean people. But there needs to be more risk assessment in technological terms to ensure the risk does not outweigh the benefits.”
First digital driving licenses already in 2020
The idea of introducing digital identity systems or digital identifiers is not new. Some companies and projects, including Microsoft, have made corresponding efforts in this direction. However, the South Korean government’s project is likely to be one of the most result-oriented. According to DATEV magazine, the digital identification system should be developed by 2024 and be available to the public. The direct application of blockchain technology in everyday life is also not new for the people of South Korea, as Blockchainwelt explains. In 2020, for example, a digital, blockchain-based driver’s license was introduced that works via the South Korean PASS smartphone network.
E. Schmal/Redaktion finanzen.net
Leverage must be between 2 and 20
No data
Image sources: swissmacky / Shutterstock.com