Cryptocurrencies have come a long way from where they begin nowadays they make payments easy and allow for secure high-value exchanges. However, their biggest use is connecting people from across the border be it in the form of frictionless cross-border transactions or via the collaboration of two companies from different countries.
Similarly, two companies are collaborating to create a mobile identification system based on blockchain technology. South Korean SK Telecom (SKT) and German Deutsche Telekom are to officially sign the agreement at the Mobile World Congress (MWC) that takes place on 25th February in Spain.
The aim is to create a mobile identity solution that can with applications and assist in accessibility, dealings, and further contracts. The companies believe that the use of blockchain technology will significantly increase the efficiency of the processes in verifying the ID of a user.
Furthermore, an official from SKT stated this is the first of some collaborations that will be conducted to increase the innovation of information technology. He added that using blockchain technology would ensure that the contact’s critical data stays safe as it is encrypted and therefore would not require the disclosure of such data in the first place.
Moreover, the companies believed that in due time blockchain can replace most government documents including passports and would, therefore, make the process effortless. The solution will be demonstrated in the MWC and hopefully then be used in both Germany and South Korea to make the processes faster.
Previously Deutsche Telekom has joined Hyperledger that is Linux’s open source blockchain project while SKT backed up South Korean exchange firm Upbit.
