Samsung SDS has finished the development of a blockchain-based System which can help financial institutions in Korea ease ID verification procedures, the IT services company stated in a media release on Monday.
A collaborative effort of the IT arm of Korean giant Samsung Electronics and the Korea Federation of Banks (KFB), the BankSign instrument was made to streamline transactions in cellular and internet banking. To make this happen, the platform enables users earn money transfers on the programs of different monies, while being certified on just one of these.
The certification will verify customers’ identities via password, Fingerprints and patterns, thus limiting fraudulent actions. It’ll be valid for up to three decades and will consequently spare users the attempts to find confirmation from every bank program each year, as the present program requires. In this way, BankSign doesn’t have to confirm identities following one year, since the dispersed ledger technologies (DLT) enables banks to synchronize authentication info in real time also reinforces security by encrypting communication sections, Samsung SDS clarified.
The DLT which BankSign relies on is called Nexledger, a personal solution manufactured by the IT company in 2017.
Samsung SDS stated it is satisfied with its blockchain software, That have found a location in various industries, such as finance, production, and logistics, are currently getting into the banking industry.
Meanwhile, the BankSign is regarded to also extend beyond the fiscal World, KFB spokesperson Park Chang-ok told media outlet Korea JoongAng Daily at June when the new blockchain instrument was revealed.
"While BankSign will start off by providing the support in the Banking industry, we'll work with the authorities and other people Associations to expand its use," according to the spokesperson.
