Blockchain, Cryptocurrency, Economy

Blockchain-powered Document Wallet Launched in South Korea

Nonghyup (NH Bank), a South Korean financial services provider, has started circulating over a dozen forms of digital certificates using a blockchain-powered system and an e-wallet that will be able to hold hundreds of types of blockchain-verified forms of authentication.

According to the Electronic Times, the bank’s e-wallet gained formal government approval beginning this month and has today launched with support for an initial 13 forms of identification, including citizen and resident registration documentation.

The bank stated that the e-wallet would render support for “more than 300 types” of documentation by next year.

The bank also insisted that its blockchain-powered system would enable customers to do away with paper-based document submission processes – instead of allowing users to prove their identity online. The move is in line with Seoul’s recent push toward contact-free digital solutions that leverage industry 4.0 technology.

The wallet has started as part of the NH smart banking offering. It allows customers to submit tax payment certificates and health insurance eligibility certificates, usually required to conduct financial transactions in digital form.

The bank continued that customers could also use the wallet to access consultation for business-related matters or register for bank services without having to go through “complicated document preparation protocols.

And NH continued that it planned to expand its blockchain-powered e-wallet’s infrastructure “within 2020” – claiming that “public institutions and other financial institutions” would also be able to receive the digital certificates as valid forms of authentication.

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