Samsung SDS Launches Blockchain-Based Co-Verification Service
The Korea Federation of Banks (KFB) launched BankSign, a blockchain-powered, community backed platform back in June. The platform enables domestic retail banks, its main users, to make their security system much more secure by digitizing both online and mobile banking facility. Now, Samsung SDS Co., the IT arm of Samsung, has unveiled a blockchain-based certification system, dubbed Banksign.
The platform facilitates Koreans to perform transactions easily in multiple banks. With this facility in place, a user can perform transactions in different banks with certification from a single bank.
BankSign uses a combination of finger prints, password and pattern to certify a user. Per the announcement made by Samsung SDS, the blockchain based platform’s primary aim is to offer better security and the certifications are valid for a period of three years through its sharing network.
Samsung, which has understood the potential of blockchain technology long back, established a special division for advancing blockchain technology in 2015. Two years from then on, the company introduced Nexledger, its first blockchain business platform.
Notably, BankSign is the first application built primarily to cater banking services. The blockchain technology based application was built with the assistance from the domestic banking community.
Improved security for Korean banks
Samsung hopes to make further in-roads in the financial sector, with the launch of BankSign. Before BankSign was introduced, Korean banks were using two decade old security system. The Korean government, in the meanwhile, has updated its “Digital Signature Act” policy, which requires all Korean financial institutions to use an authentic public certification system.