South Korean financial giant Woori has become the country’s first commercial bank to start accepting driver’s licenses using blockchain technology as an official form of authentication.
Woori Bank accepts blockchain-based driver’s licenses as a form of authentication
Driving licenses using blockchain technology were first announced in 2019 under the auspices of the Ministry of Science and ICT and the National Police. All three of Korea’s largest mobile operators (SK, KT and LG U+) operate applications that store digitized versions of regular card-type driver’s licenses on users’ mobile phones.
Police then welcomed the move with greater enthusiasm in 2020, when around a million users had already received digital licenses by then.
The media outlet’s white paper reports that Woori’s move has been confirmed by the Department of Administration and Security, which is currently working on the government’s so-called Digital New Deal project.
The launch project will allow customers to use their app to verify their identity at Woori Bank branches when making in-person transaction requests. Before this move, Korean banks only accepted social security cards, passports, and driver’s license cards as documents for authentication.
The move is also supported by the Korea Mint and Security Printing Corporation (KOMSCO). The latter served as the country’s official coin and money printing facility, as well as the country’s largest issuer of ID cards.
Eventually, however, it became one of South Korea’s largest local stablecoin issuers, working with local governments across the country to launch blockchain-backed fixed KRW tokens and gift cards.
The bank also hinted that it wants to explore using the license to verify “no face-to-face” transactions in the future — a hint that it might allow its customers to use the license to verify payments as well and allow online could transfer later.
To use the new system, Woori says customers must obtain a mobile driver’s license from an authorized driver’s license testing center or police station.
Woori affiliates will now allow customers to scan QR codes generated by the app to “verify the integrity of the information transmitted” using blockchain technology.
By scanning the code, branch employees can access a range of information displayed on their terminal screens, Woori added.
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