The government of South Korea forecasts gaining 60 trillion won ($42 billion), or 3 percent of GDP, in economic value within a decade after digital ID adoption.
Smartphone-implanted IDs have emerged as a top priority for most governments intending to tap into blockchain technology.
South Korea intends to issue digital identification (IDs) through the Ethereum blockchain. As such, the South Korean government has projected a bump in the country’s economy in the coming decades. Moreover, South Korean people can access global online services seamlessly with digital authentication. Otherwise, using physical IDs on online services, which involves taking a photo, will not be required for South Koreans after implementing digital IDs.
The government has tapped the largest smart contract platform, Ethereum, which recently migrated to PoS via the Merge event, to broaden its GDP output.
“Every service that hasn’t been able to transition online fully will now be able to do so,” said Suh Bo Ram,...
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