- In a local report from Korea, LG’s information wing, LG CNS signed a memorandum of understanding (MoU) with the blockchain-based firm, Evernym.
- Will introduce decentralized identification (DID) on international passports and driving licenses.
A post from Aju Daily further explains that the partnership with LG CNS will push the software company that develops decentralized, self-sovereign identity applications, into building global blockchain-based identification systems.
The Evernym system aims at replacing the physical international drivers’ licenses and passports by allowing governments to “issue, accept, and verify credentials that operate like a digital passport.”
The implementation of a new blockchain-based authentication system is the start of a partnership between LG CNS and Evernym. On the statement, LG CNS will actively work with Evernym to contribute to the Worldwide Web (W3C) Consortium.
The Chief Technology Officer at LG CNS, Kim Hong-Geun, is aiming at a global market to offer an instant and secure identifier to governments and firms. Kim spoke on the latest signed MOU stating,
“Through cooperation with Evernym, we will create DID solutions and service models that can be used globally. We will also actively participate in related public projects so that South Korea can lead the global standardization of decentralized identification (DID).”
Blockchain Developments in Digital Identification
In February, the LG and Samsung backed consortium, SK Telecom, announced the first-ever mobile-based id system built on blockchain, in partnership with local bank, NongHyup (NH) bank. The new DID system by Evernym will also feature on smartphones allowing users to transfer and retrieve identity information at any moment from the blockchain.
Following IBM’S and Evernym’s partnership in early 2019, a number of venture capital firms started knocking on its doors with Overstock’s Medici Venture’s closing a $2 million investment round in the blockchain-based ID firm.
LG CNS is also engaging in other areas of the fourth technology revolution recently saying it will increase its efforts in R&D in the artificial intelligence, cloud computing and blockchain industries.
Author: Lujan Odera
Emurgo, Cardano’s blockchain commercial wing, has inked a partnership deal with the Uzbekistan government to help with setting up a task force which will come up with regulations to guide security token offerings (STOs as well as the operations of the exchanges (STXs), Cointelegraph reports.
In a press statement released on Jan. 20, Emurgo stated the strategic partnership also brings together the Uzbekistan government though the National Agency of Project Management, Kobea Group as well Infinity Blockchain Holdings. The task force is expected to come up with a legal framework to guide how STOs and STXs will operate in Uzbekistan.
The partnership will see Emurgo and Kobea offer advisory services on matters infrastructure in relation to digital asset banking as well as blockchain education including other aspects.
Emurgo is also set to explore the potential the prospects that Cardano’s third-generation blockchain has within the country. In addition, the blockchain education will include integrating blockchain platform in the country’s university education in efforts to churn out the next blockchain experts in the country.
Emurgo will also look at how the country’s traditional equities can be tokenized via STO in efforts to enhance transparency and security in the financial sector.
The announcement comes just days after National Agency of Project Management (NAPM) said it was prioritizing the formation of the country’s crypto mining pool in efforts to consolidate capacities of both the local and international miners.
The move aims at ensuring that crypto mining is economically efficient, enhance transparency as well as security in the industry. This will also enhance efficient use of energy and attract additional investment.
Despite the formation of the taskforce, it is still unclear of the government’s stand on the use of cryptos. The government restricted the citizens from buying cryptocurrencies in December 2019. The move caught many by surprise as the nation has shown a lenient stance when it comes to cryptocurrencies. In 2018, the government had committed to regulate and develop a licencing procedure for crypto exchanges, ICOs as well as mining operations.
Author: Joseph Kibe
Samsung SDS, the blockchain wing of Korean electronics giant Samsung, is testing a medical insurance claims processing system that has been developed on a blockchain network. To pilot the new system, Samsung SDS revealed it is working with a bunch of medical providers and insurance companies from around the world to examine the performance as well as the effectiveness of the new system.
As CoinDesk reports, if the system is successful it is expected to be rolled out later this month. Yoon Shim, Samsung SDS vice president, revealed that the firm launched the piloting program in August this year. Shim was speaking during the Blockchain Seoul 2019 event.
According to Shim the aim of the new system is to ease the challenging process that patients have to go through while filing for medical claims or refunds for medical services rendered from the insurance companies. Shim explained that while most people have medical insurance covers and are not supposed to pay most of the medical expenses from their own money, the majority are hesitant to file for claims as the process is very complex. The new system, she said, would help in connecting hospitals, pharmacies, insurers as well as other health-related firms to make the process easier for users.
According to Shim, once the system is up and running, patients will get an instant message via the KakaoTalk messenger once they are treated. They will then be able to send the receipt to their respective insurers using just a single click to file their claims.
The blockchain technology is being utilized to share personal medical data and information among the right companies. According to Shim, the new network will aid in the reduction of the paperwork or workload involved in medical care-based companies, reduce the waiting times involved once a patient has filed for claims as well as lessen the claims’ processing costs by more than 70 percent.
Samsung Hospital, Severance Hospital, and Korea University Medical Centre are among the institutions that Samsung CDS is working with and plans are underway to add extra institutions in the future. The new system has been developed on the Nexledger blockchain network.
Author: Joseph Kibe