Samsung has created a consortium with six South Korean firms including Woori Bank, KEP Hana Bank, SK Telecom, KT, LG UPlus and Koscom to create a blockchain powered mobile identification system. With this self-sovereign identity system, customers can receive a new ID in less time than through traditional means, according to a report by Yahoo Finance.

Samsung plans to manage the blockchain data through its Knox mobile security solution. The consortium will offer the blockchain solution for services such as academic certifications, insurance and amusement parks, according to the report.