Three telecom companies, Samsung Electronics, KEB Hana Bank, Woori Ban, and KOSCOM, have joined hands to launch the ‘decentralized identifier’ project.

They signed the agreement last week and help all people manage their identities through the blockchain platform. Each people would retain self-sovereign identity, which he or she can use for proving their identities. The program is free from fabrication or forgery.

College graduates could have their diploma certificates and academic performance records issued through the platform. Three telecom companies—KT, SK, and LG—would use them first in hiring employees.

The participating banks—KEB Hana Bank and Woori Bank—would accept the blockchain-based self-identification documents in doing business with customers.

In due course, all banks would use the program, removing redundant document requirements in doing business with customers.

So far companies have retained and used personal information on customers. But the blockchain platform would allow customers, not enterprises, to keep and manage their identities.