Samsung Blockchain Keystore now linked with SKT Initial app

Today South Korean telecoms giant SK Telecom announced that they have partnered with Samsung Electronics to link Samsung’s Blockchain Keystore with their proprietary DID verification service ‘Initial’. Via the partnership, the two companies aim to utilize secure app-based DID to store user ID data on mobile devices.

The link between Initial and Samsung Blockchain Keystore will focus on protecting users’ private keys and important digital certificates needed for authentication in the Blockchain Keystore app. Many presume that through this preliminary collaboration that other digital authentication services will be developed between Initial and Samsung Electronics.

The head of Samsung’s Blockchain Development Group noted that the new partnership provides users with an additional layer of security so that they can comfortably store their cryptocurrency.

SK Telecoms’ ‘Initial’ was first launched to verify insurance claims digitally. The blockchain-based app also utilizes DID technology to securely store user data locally on users’s devices. This eliminates the need for centralized servers which are subject to hacks from bad actors, thereby making users’ information far more secure. When users need to verify their identity via Initial, they share their personal hash that represents their ID data with an authority such as police, government ministries, and libraries.

COVID-19 Complications

Currently, Initial meets the social demands that now emphasize the untact culture which Coronavirus has left us with for the time being. In addition, service centers and insurance companies can reduce processing time and delays with the app due to inherent greater organizational efficiency. The DID aspect of Initial ensures that each user’s personal information cannot be hacked. Sign in and registration confirmation for the app is done through the PASS app common among major ISP’s in South Korea.

Samsung and SKT explained that they were already in discussions with other companies in the tech industry to apply their solution to financial services, student ID services, and employee ID services.

Despite complications and slow-downs caused by COVID-19, South Korea has continued to push out vital DID solutions through the year. Early this year, Raonsecure and several other companies pushed hard to get developments of DID solutions out under government grant programs started over a year ago.

Privately, Kakao Group, one of ROK’s tech unicorns, announced their commitment to developing a DID solution that could apply to their entire suite of apps. Nearly every South Korean uses the Kakao Suite daily, with KakaoTalk, the messenger app, virtually reaching 100% of the domestic population who have smartphones.

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