Blockchain-based distributed identity authentication (DID) technology is set to be launched for military personnel by South Korea’s two largest banks.
Kookmin Bank (KB) has signed an agreement with IBK Industrial Bank and several government institutions to introduce blockchain-based digital ID solutions for military personnel in the financial sector. The White Paper reports that the agreement was signed on March 31.
In addition to banks, the C&C State Pension Fund, the Korea Financial Telecommunications and Clearings Institute, information security service provider Raon White Hat, the Ministry of National Defense, the National Police Agency and the Fire Service will participate in the platform.
The KB Soldier Tomorrow Reserve Savings platform will be available to military personnel this June. Through the KB Star Banking or KB Mobile Branch apps, they will be able to obtain digital certificates to verify their identity. Blockchain-based distributed identity authentication (DID) technology makes this possible.
Kookmin Bank said military personnel will have access to the product regardless of their location. The app will be available even in duty stations where mobile devices are restricted. The product will also be available to military personnel after they retire.
Meanwhile, Kookmin Bank plans to implement other financial products for service members by 2025. These include discounts on meals, public transportation and cinemas, as well as accident insurance coverage. In addition, Kookmin Bank in 2018 became the main provider of retirement certificates for the military through 2029, making it the leading financial partner for the Republic of Korea Armed Forces. Some of these products may eventually incorporate distributed ledger technology as well.