Blockchain Mobile Authentication
Tech giants in South Korea, Telcos, and Banks have constructed a consortium to build a blockchain network to deploy mobile authentication services.
The main players involved in the consortium are Samsung Electronics, SK Telecom, KT, and LG Uplus, as well as banks Woori Bank and KEB Hana Bank along with Koscom, a Korean IT service subsidiary.
These companies announced that the mobile authentication service will allow users to protect their own data as well as save information issued by institutions and companies securely on their mobile devices.
The first application will be for distribution and issuing of college graduation certificates with an end goal that allows graduates to smoothen job application processes by having just one authenticated certificate on their smartphones, while companies can check the integrity of these documents with the help of the blockchain network.
A second application will be for reviewing job applications when these companies are hiring employees.
The consortium also plans to add more companies to its blockchain network amongst the likes of hospital and insurance services to cover all general purpose industries in the process.
South Korean tech companies like Samsung are going all-in on Blockchain. Recently this year, they introduced thier cryptocurrency wallet on the Galaxy S10. While LG CNS has been using it to improve the transparancy of food products served at school cafeterias, KT applied blockchain to its existing systems and provides blockchain-as-a-service for clients for security,
Blockchain Interbank Communication Application
Bank of America, who is leading in their number of blockchain patents in the United States has registered one more. BOA is planning to use the Ripple Blockchain to interbank communication and settlement system.
This adds to the list of banks and financial institutions associated with Ripple. Ripple, now provides blockchain services to over 200 financial companies. Ripple’s XRapid and XCurrent platforms are extremely popular amongst financial institutions.
The newly patented application will help in facilitating real-time settlements and smoothening communications between banks and improving cross border transactions in the process. The XRP token However, will not be utilized.
The world’s 5th largest bank’s Indian division are now making use of blockchain to make overseas payment. London based global bank HSBC also released a statement in January this year, as it plans to use blockchain to settle forex transactions worth more than $250 billion.
BOA’s technology head Cathy Bessant However is quite skeptical about the tech’s success in the near future. Last year the bank released a statement that would finance Microsoft and Amazon’s blockchain projects. The blockchain industry is expected to cross the $20 billion mark by 2023, as more and more companies start to see the potential of the technology.
You might also like
More from Crypto
After the enormous crash the cryptocurrency world encountered in 2018, many investors have been panicked away. But with many cryptocurrencies …
The crypto space is set to be hit with a storm as the "real" Satoshi Nakamoto vows to reveal himself …