Korean credit card company to add blockchain identity solution

KB Koomkin Card, the largest credit card company in South Korea, is planning to integrate a blockchain identity tool into its credit card onboarding services.

The solution, called the Coinplug Identification System, is developed by bitcoin start-up Coinplug. According to CoinDesk, the service is based on private blockchain technology FidoChain, which is “aimed at providing distributed means of verifying and maintaining digital identities.”

In this case, the identity solution will allow KB Kookim Card users to add, verify or revoke identities tied to the credit card, according to the report.

Coinplug director and chief operation officer Richard Yun told CoinDesk that KB Kookim Card plans to use the service “for commercial purposes,” noting that “the availability of this service will be [for] all customers of the KB Card around mid-December.”