What’s Going On?
A subsidiary of tech giant Samsung has unveiled a blockchain-powered identity system which allows bank customers to access different banking apps using a unified verification process.
Why Does It Matter?
South Korean news outlet Yonhap announced on Monday that the new platform, called BankSign, has been designed by Samsung SDS to improve communications between the mobile systems of the different banks, reported Smartereum.
“BankSign is the first application of the much-anticipated blockchain technology on banking services,” Samsung SDS told Yonhap. “The company will continue to expand its digital transformation business, which will bolster competitiveness of banks and financial institutions,” it added.
Who Else Is Involved?
Developed in collaboration with the Korea Federation of Banks, BankSign allows users to access different banking apps from different banks with only one verification; when users verify on one app, they will no longer be required to verify on the other apps before gaining access, reported Smartereum.
TheNextWeb said digital certificates could be valid for up to three years and transactions can be signed using a password, pattern, or fingerprint.
Samsung introduced SDS with the goal of showing the South Korean financial industry the benefits of distributed ledger tech (DLT), reported TheNextWeb. The subsidiary has already launched a digital finance platform, called Nexfinance said to be powered by artificial intelligence (AI) and blockchain technology. TheNextWeb said the new project appears to have been developed separately to Nexfinance and its related Nexledger business-to-business platform, which has its own ID verification system, Nexsign.