Earlier in June, the Korea Federation of Banks (KFB) launched a community-backed and blockchain-powered platform called BankSign.
The platform allows its users (mainly domestic retail banks) to increase the security of their verification systems by digitizing both mobile and only banking.
Recently, Samsung’s IT arm, Samsung SDS Co., unveiled its blockchain-based certification system BankSign. In short, the platform allows Korean people to make transactions at different banks a lot easier. Any user can perform transactions at different banks with just one bank’s certification.
Comprehensive and secure certifications
BankSign allows its users to perform certifications using fingerprints, passwords, and various patterns. According to Samsung SDS’s announcement, the platform’s main goal is security, and that certifications are valid for up to three years via the sharing network.
Samsung has seen the potential of blockchain for quite some time, as it opened a special division for developing blockchain technology back in 2015. Two years later, the company announced the introduction of Nexledger, its first blockchain business platform.
BankSign is the first application specifically built for banking services and blockchain technology. The KBF mentioned that BankSign is the first project developed with the help of blockchain technology by the local banking community.
BankSign promises to provide enhanced security for Korean banks
With BankSign, the company hopes to expand its reach within the financial field. Before BankSign came into existence, Korean banks would use a two-decades-old security system. Meanwhile, the Korean government altered/updated its “Digital Signature Act” policy. According to the new and updated policy, all Korean financial institutions are required to use a valid public certification system.