Samsung SDS, subsidiary of the Korean technogiant introduced a certification platform for Korean banks, named BankSign, that is based on blockchain technology, Yonhap news agency reports.
It is reported that BankSign platform developed jointly with the Korean Bank Federation is aimed at providing better interaction between different banks mobile apps.
Users will be able to perform transactions in different mobile applications, but only one time verification will be needed. As usual, password, fingerprint or graphic key are being used for verification.
Samsung representatives noted that the system’s security is ensured by combining banking systems into a single data exchange network. Certification data in such a network can remain valid for up to three years.
This technology should increase the safety of users and, the fact that no one is able to change the records in a blockchain contributes to this even more.
“BankSign is the first application of the long-awaited blockchain-based banking technology in the financial sector.
The company will continue to develop its digital business and strengthen the competition between banks and financial institutions”, – Samsung SDS representatives said.
Samsung SDS was founded in 2015 and its first business platform, named Nextledger was released in 2017. At the moment, IT department of the South Korean technogiant is developing a digital financial platform Nextfinance, that is based on distributed registry technology.
A bit earlier Samsung SDS announced the launch of logistics blockchain-based platform Cello Square 3.0, that is also using artificial intelligence.