South Korea Aims to Boost Economy With Digital ID on Blockchain
- Government to allow smartphones to replace existing ID cards
- Korea sees economic value of digital IDs at around 3% of GDP
A pedestrian uses a smartphone at Seoul Station in Seoul, South Korea.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
South Korea plans to offer a digital identity secured by blockchain to citizens with a smartphone as it taps into the world’s most tech-savvy population to boost economic growth.
Smartphone-implanted IDs are among the latest emerging technology underpinning a digital economy that has expanded as more people work from home, make cashless payments and explore the metaverse.