Samsung Unveils Blockchain Platform for SoKor Banks

Aug 28, 2018 at 22:05

South Korea’s biggest corporation, Samsung, under its IT development arm Samsung SDS Co., has launched its very own blockchain based certification platform called BankSign that is expected to improve bank transactions.

According to reports from local news organization, Yonhap, the platform that was developed in partnership with the Korea Federation of Banks will allow interactions between different banks’ mobile systems.

Users will be capable of carrying out transactions on different apps but the system will only require verification from a single app, using passwords, fingerprints or patterns for authentication.

Samsung added that the system’s security ensured by connecting banks’ systems into the data-sharing network and the certification data within the network can remain valid for up to three years.

Hong-Jun Yoo, Samsung SDS vice president of finance business, claimed that BankSign would be the first example of applying blockchain technology to banking services, adding that it will also help in enhancing the competitiveness of banks and other financial institutions.

In 2015, Samsung created Samsung SDS for developing blockchain technology followed by the introduction of Nexledger in 2017, the company’s first blockchain business platform.

The company claims that it will continue to expand its digital transformation enterprise and expects to contribute to the competitiveness of financial institutions.

Prior to BankSign, Korean are utilizing a 20 year old security system that is already deemed as inefficient.