SEOUL, Feb. 21 (Korea Bizwire) — SK Telecom Co. said Thursday it will join hands with Deutsche Telekom AG to develop a blockchain platform for digital identification for easier access and better security.
The telecom leaders of South Korea and Germany will sign a memorandum of understanding on development and commercialization of blockchain-based mobile identity during next week’s MWC Barcelona.
SKT and Deutsche Telekom’s T-Labs will develop a blockchain platform digital identity that can be used in various areas, including authentication, access control, contracts and other transactions.
The platform will be capable of storing all IDs in one place to provide convenient and secure authentication for e-commerce, transactions and public sectors.
It will also allow users to manage their personal information on their own, protecting them from security breaches and identity theft.
During the world’s largest mobile show from Feb. 25-28, the two companies will demonstrate how a mobile blockchain identity operates in a real life situations, SKT said.
Visitors will be given a virtual ID on the blockchain platform to enter the two companies’ booths and collect tokens by experiencing content, which can be exchanged for gifts, the company said.