Samsung to Link its Crypto Wallet to SK’s Blockchain-powered ID App

Samsung smartphones equipped with the Blockchain Keystore crypto wallet function will be able to support the world’s first decentralized ID (DID) solution, after the handset maker struck a deal with South Korean telecoms firm SK Telecom.

The partnership means that users in South Korea will be able to store their private keys, digital signatures and authentication-enabling digital certificates in Samsung’s crypto wallet, which comes preloaded on the firm’s most recent flagship handsets, per E Daily.

Media outlets in South Korea say that the two firms are likely working on a range of further digital authentication-related offerings.

The partnership will see SK’s Initial app – a platform that allows customers to make paper-free insurance claims using a blockchain network – linked to the Samsung crypto wallet. The SK app was originally designed to allow customers to store their digital data safely on their handsets.

Both Samsung and SK are co-working on a broader DID project that also involves two government agencies, major commercial banks, as well as SK’s telecom rivals LG U+ and KT and Samsung competitor LG.

E Daily says that SK is hoping to “lead the digital certification market.” The telecoms provider plans to launch digital certificate issuance and submission offerings that it thinks will help public and private sector bodies reduce costs and fall into line with Seoul’s contact-free policies.

The South Korean government has pledged funds and support for blockchain and other industry 4.0-related business ventures as part of its response to the coronavirus pandemic. Seoul believes that contact-free, digital solutions that do away with paper solutions and face-to-face exchanges will help power what it is calling a “Digital New Deal” for the country.