Korean Firms Build Blockchain Consortium

Korean Firms Build Blockchain Consortium

Seven South Korean companies have decided to join forces to build their own blockchain technology. The mix of telecomms companies and financial services companies are forming a consortium to aid business administration across a range of areas.

Samsung, LG, and Woori Bank are among the big players in the South Korean economy to take part in the venture. The new network is aimed to enable authentication and solve some issues in the South Korean market around this. 

The team will be developing a blockchain ledger that willl allow for a "self-sovereign identity". The system should be able to remove the need for outside work or validation of documents recorded on the new blockchain.

The first trial of the technology will be within the tertiary education sector. Issuing and distributing university graduation certificates will migrate on to the blockchain, allowing for instant verification of the veracity of the qualification. 

"The project will create the strongest possible synergy effect as the particiapnts are top leaders in their respective fields. Co-operation among ICT, telecoms, and financial services will help people experience new advances and services," said the consortium members in a statement. The consortium is made up of Samsung, LG, KT, U+, SK Telecom, Keb Hana Bank, Woori Bank and Koscom.

The group intends to expand and bring more companies under its umbrella in an effort to reduce costs of implementing blockchain technology.Expansion is sure to bring rivals under the same umbrella, just as Samsung and LG, who normally compete on technological innovation, have come together to bring about faster and more efficient trade on their hardware and platforms.