Blockchain technology is just over a decade old and it has already become something that is way ahead of its time. From securing transactions to helping track goods in a supply chain, the tech is being utilized to its full potential up to such an extent that it is being considered innovative enough to disrupt next-generation techs such as 5G.
Blockchain has become a key tool for developing innovative technological solutions and that is exactly what’s happening in the South Korean city of Sejong. The planned city of South Korea has become the testing grounds for smart city solutions in the nation, and latest reports reveal that it will be deploying a blockchain-based platform for authenticating the digital identities of autonomous vehicles.
According to a report from news outlet Aju Business Daily, South Korea’s Ministry of Science and ICT along with Korea Internet & Security Agency, the nation’s internet technology watchdog, is set to lead the development of the identity management and verification platform.
As per an official familiar with the matter, the blockchain-based platform will help “increase the credibility of data by strengthening the security of information shared by cars and their control tower.”
While self-driving vehicles are still years away from mass adoption, the new platform will act as a safeguard against crimes related to these future advancements. Technology has flaws, and autonomous vehicles come with the risks of getting hacked or cloned. This is where this new platform steps in.
The new identity verification system will deploy multiple layers of encryption to the data shared between cars and on-road facilities using “vehicle-to-everything”, or V2X, communication. This blockchain based encrypted identifier dubbed decentralized identifier (DID), will help prevent illegal cloning of vehicle data and significantly improve the defence against hackers.
LG CNS, the technological arm of the LG Group and a Korean autonomous shuttle maker, will be cooperating with the Sejong city government to develop this platform.
South Korea boosting blockchain innovation
As previously reported by The Daily Chain, the South Korean government recently urged private companies to focus on developing and implementing blockchain-based solutions.
Furthermore, the Ministry of Science and ICT and the Ministry of Information and Communication Industry Promotion is set to launch a pilot program that aims to grant $360,000 each to nine different projects via free public offerings. The companies selected must offer services that can create economic and social value through blockchain technology.
The nation’s central bank is also the latest to start testing CBDCs according to an April announcement.