On 28 September, Korea’s Nonghyup Bank (NH Bank) announced it has integrated its smart banking app with the government’s blockchain electronic certificate solution, reports Asia Today. The blockchain-based service will allow bank customers to submit, store, and receive electronic certificates via an electronic document wallet. The ultimate aim is to reduce the cost and inconvenience of having to submit paper documentation.
Earlier this month, NH Bank received approval for the integration from the Ministry of Public Administration and Security. There’s a Government 24 app, which is the primary interface for the government’s blockchain certificate solution.
This came into its own at the start of the COVID-19 crisis when there was a shortage of personal protection. To prevent stockpiling, citizens had to prove residency when buying masks. Hence one option was to use the Government 24 app to show a residence registration certificate. The app uses blockchain, which means the individual can share the certificate with another wallet and it’s verified that the certificate is valid. So far, the Government 24 electronic document wallet accepts 13 certificate types such as resident registration, tax payments, and health insurance qualifications. The Ministry plans to expand this to over 300 certificates in 2021.
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