According to the report, a consortium of leading firms of South Korea has collaborated to launch a blockchain supported mobile identification system next year. The objective of forging partnerships by these significant firms is to develop an identity system that will make the organizations and the individuals are able to control their identity information during the online transaction without the involvement of any intermediaries, thereby, making it self-sovereign in nature. Moreover, the services that will be provided by the blockchain-based identification system include the storage of personal information such as the bank account numbers, numbers of resident registration, and so
