"Online General Meeting, Secure with Blockchain"…KOSCOM Establishes New Platform

Preventing Tampering and Forgery with Blockchain-Based Decentralized Identity Authentication

[Asia Economy Reporter Minwoo Lee] Koscom is building a non-face-to-face electronic shareholders' meeting platform using blockchain. By authenticating identities through blockchain, the possibility of forgery and tampering is reduced, and it is expected that the exercise of voting rights by minority shareholders will increase.

On the 24th, Koscom announced that it is constructing a 'Distributed Identity Verification (DID) shareholder certification-based non-face-to-face electronic shareholders' meeting platform.' DID is a distributed identity credential platform utilizing blockchain technology. It allows for easy issuance and verification of identity and credentials remotely. It is expected to replace paper certificates and various other certifications in the future.

Koscom built this electronic shareholders' meeting platform using Initial's DID and its own blockchain platform. 'Initial' is a consortium-type blockchain network involving Koscom, SK Telecom, KT, LG Uplus, the three major telecom companies, Samsung Electronics, KB Kookmin Bank, Hyundai Card, and 14 other companies. Currently, it offers various services based on the Initial application (app), a mobile electronic certification service.

This electronic shareholders' meeting platform issues shareholder certification confirming shareholder status through Koscom's blockchain platform and Initial DID, stores it on a mobile phone, and then conducts online electronic voting after identity verification. Koscom expects that this will enable more active exercise of voting rights, leading to increased attendance by minority shareholders at shareholders' meetings. Since about 700 listed companies are already using electronic shareholders' meeting platforms, it is anticipated that adoption will gradually expand.

Meanwhile, this project is part of a blockchain pilot project by the Korea Internet & Security Agency (KISA) to examine the applicability of blockchain technology in citizens' daily lives. It was selected as one of 15 tasks earlier this year under the government's comprehensive Digital New Deal plan.

A Koscom official said, "Following the unlisted stock trading platform BeMyUnicorn, blockchain technology is making daily life more convenient with electronic voting services using DID," adding, "We will continue to integrate blockchain technology in various fields to enhance the reliability of the capital market."