Bloomberg: South Korea plans to offer a blockchain-based digital identity to the public in 2024

According to a Bloomberg report, South Korea plans to make digital identities protected by blockchain available to the public in 2024 and seeks to be adopted by 45 million people within two years. Under the plan, officials will not be able to access information stored on individual phones, including users' digital ids, And details about where and how people use it, as the system will rely entirely on decentralized identities based on blockchain technology. The director general of the Korea Digital Administration said the plan is expected to generate at least $42 billion in economic value over 10 years, equivalent to 3 percent of South Korea's GDP.