Samsung SDS has developed BankSign, a blockchain-based certification tool for banks.
This is according to an official announcement.
The endeavor by Samsung SDS is a collaborative effort with the Korea Federation of Banks (KFB). BankSign seeks to offer a simple transaction method within a number of banking systems by compelling certification from only one bank. Certification can be verified on the platform using passwords, fingerprints, or patterns.
The announcement explained that BankSign allows customers to obtain a certification that is valid for up to three years, taking the place of existing certificate system, which needs yearly renewal and registration and authentication with each individual bank.
Vice President of finance business at Samsung SDS Hong-Jun Yoo said that BankSign would be “the first example of applying blockchain technology to banking services.” He also said that the firm is “further expanding its digital transformation business, which will enhance the competitiveness of banks and other financial institutions.”
In June, the KFB first divulged it was working on BankSign, seeking to replace the intricate, 20-year old verification system with a more efficient, blockchain-based one.
Samsung SDS has released a suite of blockchain-based products this year. In June, Samsung SDS launched its product CelloSquare 3.0, a blockchain implementation targeting the global logistics field.
Prior to that, the company also publicized the launch of a blockchain-powered finance platform Nexfinance. Samsung SDS remarked that the product would also incorporate aspects of “artificial intelligence,” “big data analytics” and “advanced IT technologies, such as Intelligent Process Automation.”
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