Korea: SK Telecom Launches Enterprise Blockchain Built on Hyperledger Fabric
South Korean giant SK Telecom together with the members of its consortium, has launched an enterprise blockchain platform called STONledger. This according to news published by Business Korea on July 25, 2019.
SK Telecom, a South Korean telecommunications operator and one of the country’s largest chaebols, is entering into the blockchain realm with the launch of STONledger, an enterprise blockchain platform focused on identity verification and mobile commerce.
Specifically, one of the possible applications in development is a service that allows registering a driving license on the blockchain so as to reduce the number of frauds caused by unlicensed drivers. The venture was initially launched by the Korean government but subsequently, the development of the project was passed to a group of private companies, including SK Telecom.
One of the next milestones is to create a self-sovereign identity (SSI) wallet where users can upload their driving license and use it whenever they need it. For the uninitiated, self-sovereign identity (SSI) is a term used to describe the digital movement which recognizes that an individual owns and control their identity, without the intervening of administrative authorities. SSI allows people to interact in the digital world with the same freedom and capacity for trust as they do in the offline world.
STONledger’s main business model is based on a decentralized identifier (DID) that leverages blockchain technology to verify and identify an individual’s personal data, allowing them to have full access and control on information registered. Personal data is not limited to identity and can be expanded to any other information that needs to be recorded and not counterfeited, for example, college grades or school attendance. Apart from this, STONledger can be applied to other industries such as e-commerce, IoT, insurance, and payments.
SK Telecom and other consortium members are waiting for government approval to officially launch the mobile driver’s license service, which had been applied for in May of 2019. Meanwhile, there are similar mobile authentication services such as T Authentication, KT Authentication and U+ Authentication that are currently available for users.
The goal is to combine those kinds of services, known under the tag “PASS”, with the decentralized identifier (DID) to create a mobile driver’s license which will be protected against fraud.
The approval is expected to be between mid-August and September at the 5th ICT Regulation Sandbox Review Committee.