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Blockchain-Based Driving Licenses in South Korea Hit One Million Drivers

Blockchain-powered driving licenses were made available as an option in South Korea in May.

Blockchain Digitizes South Korea

Since then, one million South Koreans have already leveraged this blockchain alternative, giving up their physical driver’s license. The blockchain-based driving license is offered to South Koreans, along with the PASS smartphone app, which is a transportation and travel app. Through the application, South Korean drivers can renew their digital licenses. As for non-permanent residents of the country, an English version of the license is offered as an alternative.

According to data from Statista, the number of South Koreans subscribed to the blockchain-based driver’s license represents more than 3% of the entire driving population in South Korea. The blockchain-powered driving license is the first digital identification card to be issued in South Korea, after the country’s Ministry of Science and ‘Information & Communications Technology’ (ICT) approved it in September 2019.

The blockchain-based project was officially launched in May, with the National Police Agency of Korea, the Korea Road Traffic Authority, and the country’s three major telecom providers SK, KT, and LG U+ collaborating to set the project in motion.

Just like the traditional ID card, the South Korean blockchain-powered digital card can be used for proof-of-age identification, buying alcohol and cigarettes, and much more. In order to provide proof of their driving license, users can show the PASS application, and flash the QR code on it.

Rental car industries and shared rides services are also interested in the blockchain technology, hoping to maybe use it in the future to replace face-to-face verification checks.

South Korea Loves Everything Bitcoin & Blockchain

Blockchain technology has been increasingly popular and revolutionized in South Korea. Earlier this week, South Korea’s largest commercial bank – Kookmin Bank – announced that they will start offering Bitcoin (BTC) custody services, thanks to a new partnership conducted with coin exchange Cumberland Korea and blockchain venture fund Hashed.

According to a blog post by Hashed’s legal compliance officer Jin Kang on August 7, Kookman Bank plans on normalizing cryptocurrency trade:

“KB Kookmin Bank, the largest bank of the four, anticipates that the digital asset industry will not only involve cryptocurrencies but also other traditional assets such as real estate, artwork, and other reified rights that will be issued and traded on blockchain platforms.”

Elon Musk Confirms Russian Bitcoin Ransomware Attack Targeting Tesla, FBI to the Rescue

Elon Musk has confirmed that Tesla was recently targeted in a ransomware attack set to extort $1 million in Bitcoin from the car manufacturing giant.

Ransomware Attack on Tesla

A Russian national reached out to a Tesla employee from the manufacturing factory in Nevada and enticed him to install ransomware malware onto Tesla’s computer network. The Russian scam artist offered the employee $1 million and an upfront payment of 1 Bitcoin (BTC) in exchange for uploading the software.

Rather than accepting the bribe, the employee called the FBI. Upon investigation, the US Federal Bureau of Investigation arrested a 27-year-old Russian, Egor Igorevich Kriuchkov, who was at the basis of the ransomware attempt. Kriuchkov was apprehended in Los Angeles on August 22 and is currently facing up to 5 years in prison for the ransomware scheme, if found guilty.

As shared by Forbes, Bitcoin is highly favored as a payment method by cybercriminals, with the digital asset’s rising value on the market and its increasing popularity as a hedge among investors. Over the past 6 years, ransomware attacks by cyber schemers have generated over $140 million worth of Bitcoin, according to the FBI.

Speaking about the Bitcoin extortion attempt targeting his company, CEO Elon Musk said that it was a serious attack, after having suffered from a previous Bitcoin Twitter hack that overtook his social media platform as well as that of other tech moguls and big-name figures. The Bitcoin ransomware attempt comes at a time when Tesla stock is surging on the market, boasting of a market capitalization of approximately $465 billion after an announced 5-for-1 stock split that quadrupled Elon Musk’s wealth.

Overtaking Facebook CEO Mark Zuckerberg, the SpaceX founder now figures among the top 3 wealthiest people in the world, according to the Bloomberg Billionaires Index.

Gold or Bitcoin as Hedge?

Elon Musk has also been working on a plan to mine gold from asteroids and is to launch a mission with his company SpaceX, as disclosed by NASA.

In parallel to this, Bitcoin billionaire Tyler Winklevoss has continued educating investors on the benefits of investing in BTC rather than gold or USD, due to the digital asset’s protective nature against inflation.

Bitcoin, often dubbed “digital gold” by avid investors, has a limited maximum supply of 21 million, and according to Winklevoss’ predictions, Bitcoin’s value will continue escalating, with the US dollar plummeting and gold’s actual global supply being unknown.

With the cryptocurrency having a maximum cap of 21 million coins in the world, Winklevoss has therefore touted BTC as the best hedge against inflation.

Renault Deploys Blockchain for Vehicle Compliance Certification from Design to Production

Groupe Renault, a leading French multinational automobile manufacturer, has established the XCEED (eXtended Compliance End-to-End Distributed) blockchain system to certify the compliance of all car parts from design to production.

Adhering to stringent regulations

The blockchain-based tool is expected to boost Renault’s efficiency and responsiveness in meeting regulatory stringency in the automotive industry.

For instance, new market surveillance requirements were enforced from September 1, necessitating more enhanced regulatory controls for cars already on the market. As a result, Renault sees blockchain as one of the best alternatives to adhere to these stipulations within shorter timeframes.

XCEED was launched in 2019 as a collaborative project between automotive industry players like Saint-Gobain, Plastic Omnium, Faurecia, and Continental. Recently, this blockchain tool was tested at Renault’s Douai plant, and it archived at least one million documents at a speed of 500 transactions per second.

As per the announcement:

“With XCEED, blockchain is used to create a trusted network for sharing compliance information between parts manufacturers and vehicle manufacturers. The decentralized nature of blockchain technology means each party maintains data control and confidentiality, without compromising its integrity, while simultaneously increasing security and confidentiality.”

Underpinning competitiveness

Renault views the blockchain system as a stepping stone to operational excellence and underpinning competitiveness in the automotive sector. This is because it enables the timely sharing and tracking of information by various players. As a result, data is availed in real-time, making efficiency inevitable.

Odile Panciatici, Groupe Renault’s blockchain vice president, noted:

“We are convinced that blockchain is a vector for transforming the automotive industry. Blockchain technology really comes into its own in a vast ecosystem involving a number of different companies, providing a link between the partners’ various processes, computer systems and databases.”

Automotive players leaning towards blockchain

In April, BMW Group combined blockchain and cloud technologies using Microsoft Azure and Amazon Web Services to enable the tracking down of vehicle components’ origin without permitting any manipulation. This project was expected to be instrumental in propelling the traceability and transparency of crucial raw materials and parts in its international supply chains muddled in complexity.

Later on, in July, Volvo Cars invested in Circulor, a London-based blockchain company majoring in industrial supply chains. The objective was to use Circulor’s blockchain technology to track and reduce carbon dioxide (CO2) footprints.

Hyundai Emerges as First Automaker to Roll Out Community-Based NFTs

South Korean auto giant Hyundai Motor has entered the non-fungible token (NFT) market after partnering with the ‘Meta Kongz’ NFT brand to enhance its customer community and brand awareness.

Therefore, Hyundai Motor becomes the first automaker to penetrate the NFT space with its own community, including channels on Twitter and Discord and the Hyundai NFT official website. Per the announcement:

“The Hyundai NFT community will provide its users with the Hyundai brand experience in the metaverse by sharing NFTs depicting its mobility solutions.”

The channels will help the Hyundai NFT community to manage the non-fungible tokens’ value.

Hyundai also released a short film showcasing its NFT universe concept dubbed “Metamobility Universe” that was first rolled out at the Consumer Electronics Show earlier this year.

Meta Kongz is a famous NFT gorilla character, and the film reflected the ‘Metamobility’ concept, which is expected to offer a smart device-metaverse connection.

Hyundai also intends to offer 30 limited editions of the NFTs on April 20 to commemorate the film release.

Profits are expected to be channelled towards community members and the project’s management.

Thomas Schemera, Hyundai Motor’s global chief marketing officer, acknowledged:

“The Hyundai NFT Universe will extend the Hyundai brand experience, especially with the MZ generation, in a completely new way, further reinforcing our commitment to innovation in both the real world and the metaverse.”

He added:

“We are extremely excited to introduce ‘Metamobility’ through our own NFTs and start this journey with Meta Kongz.”

Various auto giants, such as Lamborghini, McLaren, and Mercedes-Benz, have entered the NFT space though the concept adopted entails representing exotic and luxury cars as digital assets.

Last month, McLaren partnered with InfiniteWorld to showcase its luxury hypercars and supercars in the metaverse in the form of NFTs.

Users were to have the chance to own McLaren-branded products irrespective of whether they could afford an automobile from the company or not.