South Korea plans to replace physical IDs with blockchainbased IDs by 2024

South Korea is in the process of developing a system that would allow its citizens to use blockchain-based digital identification instead of traditional physical cards beginning as soon as 2024. The new digital IDs are expected to launch in 2024, and the government plans to have up to 45 million citizens registered. Hwang Seogwon, an economist at Korea’s Science and Technology Policy Institute, touted the benefits offered by the new digital ID program while also warning that there needs to be a comprehensive risk assessment completed to ensure that the risks don’t overshadow the rewards of such a system. The new program will be beneficial for businesses that haven’t fully completed the transition online, according to Suh Bo Ram, director-general of Korea’s Digital Government Bureau.