Samsung Launches Its New Blockchain Tool “BankSign” for Banks
Samsung SDS, the Internet technology subsidiary of South Korea’s tech conglomerate Samsung Group, announced on Monday that it has developed a blockchain-based certification platform designed to make it easier for people to carry out transactions among different banks, news agency Yonhap repoted.
The platform, named BankSign has been developed in collaboration with the Korea Federation of Banks, is said to enable users to carry out transactions on different banks’ mobile system and only requires certification from one of those apps. The certification methods including password, fingerprints, and patterns. It is also the first project co-developed by the South Korean local banking sector utilizing blockchain technology.
According to Samsung SDS, the platform’s security is ensured by connecting banks’ systems and the data sharing network. The company further added that blockchain technology has increased the security by encrypting communication segments and double-encrypting data and networks. The certification data within the network can be valid for up to three years.
“BankSign is the first application of the much-anticipated blockchain technology on banking services…The company will continue to expand its digital transformation business, which will bolster competitiveness of banks and financial institutions,” Samsung SDS said.
Samsung SDS first launched a division to develop blockchain technology back in 2015. Last year, it has launched its blockchain platform dubbed “Nexledger”. Nexledger is a biometric authentication solution that enables customers to gain access to multi services through a single ID authentication and the BankSign is also made on top of it.