SKT and Shinhan Bank Promote 'Blockchain Technology' Identity Verification Service Activation

Samsung SDS Builds Paper Document Digitization System

SK Telecom signed a business agreement (MOU) on the 12th to strengthen the competitiveness of blockchain-based DID services together with Shinhan Bank and Samsung SDS. From the left in the photo: Jeon Pil-hwan, Digital Group Head at Shinhan Bank; Oh Se-hyun, Head of Authentication CO at SK Telecom; Seo Jae-il, Head of Security Business Unit at Samsung SDS. Photo by Jeon Pil-hwan

[Asia Economy Reporter Minyoung Cha] SK Telecom has decided to collaborate with Shinhan Bank and Samsung SDS to activate services based on blockchain decentralized identity verification (DID) technology.

On the 13th, SK Telecom announced that it signed a joint business agreement with Shinhan Bank and Samsung SDS to promote the ‘Initial’ service based on blockchain decentralized identity verification (DID) and to activate services utilizing DID.

Through this agreement, the three companies will participate in the blockchain network along with the issuance and receipt of certificates, which are documents prepared to obtain certificates.

First, they will build an ecosystem to expand identity, qualification, and authorization verification services based on the Initial service. Blockchain DID technology allows the individual, rather than a specific institution, to hold identity authentication rights, enabling services that prove one’s identity without undergoing authentication procedures through a central authority each time.

SK Telecom will provide the Initial platform and share the current DID business structure. Shinhan Bank will handle the online submission of qualification verification documents required for financial operations. Samsung SDS will develop new services based on the Initial platform and establish a system to digitize documents needed for consulting and business, replacing paper documents.

They will also explore business opportunities in the issuance of non-fungible tokens (NFTs) and marketplace sectors, which are recently being activated as blockchain-based digital asset wallets. NFTs are tokens issued by recording specific asset information using blockchain technology and assigning unique identification values.

Oh Se-hyun, Head of SK Telecom’s Authentication CO, said, “We are pleased to be able to jointly promote convergence projects between the ICT and financial industries with Shinhan Bank and Samsung SDS,” adding, “Through the blockchain DID-based Initial service, we will take the lead in developing new convergence industry projects and implementing customer-centered innovative financial services.”