ITBusinessHub

Korea implements Chain ID for Blockchain security

Kofia or Korea Financial Investment Association has announced the implementation of Chain ID. ChainID- blockchain identification platform will see a number of securities firms and merchant banks securely share customer information for online identification.

In a conference on Tuesday, Kofia chairman Hwang Young-key revealed that the decentralized identification service was developed using smart contracts and the private blockchain platform used by a consortium of investment companies and blockchain startups led by Kofia. This consortium has 21 financial companies and five blockchain technology collaborating to develop blockchain solutions for the sector, making it Korea’s first comprehensive blockchain consortium.

This service is projected to enable customers to share the blockchain-based certificates and respective data across all participating financial institutions of the Kofia consortium, thus eliminating the need for a verifying central authority like the Korea Information Certificate Authority (KICA).

Chain ID is set to launch in November via Android and iOS apps ahead of a rollout of the desktop versions.

According to CEO of Seoul-based blockchain startup Jonghyup Kim- Chain ID is just the beginning and will ultimately help sweeping adoption of blockchain systems in the society.

 

ITBusinessHub