Samsung SDS has finished the development of a blockchain technology certification that will help the financial institution in Korea facilitate ID verification process.
A collaborative effort of the IT arm of Korean giant Samsung Electronics and the Korea Federation of Banks (KFB), the BankSign tool is intended to streamline transactions in mobile and online banking. To accomplish this, the platform will let users make money transfer on the applications of various banks. They will be certified on only one of them.
Samsung SDS said it is satisfied that its blockchain applications have discovered a place in different industries. Now, blockchain technology certification is also is also entering the banking sector.
The certificate will check users’ identity through password, fingerprints and patterns, thus limiting fake exercises. It will be substantial for up to three years. Therefore, it will save users the efforts to get verification from each bank application consistently, as the current system requires. In this sense, BankSign does not have to verify identities after one year. The distributed ledger technology (DLT) enables banks to synchronize verification information progressively. It reinforces security by encoding communication segments, Samsung SDS clarified.
As reported by Cryptovest, the DLT that BankSign depends on is named Nexledger, a private arrangement created by the IT firm in 2017. Samsung SDS has also been consistently engaging in global collaborative research for the development of blockchain technology.
In the interim, BankSign is seen to also extend beyond financial sphere, KFB spokesperson Park Chang-ok told media outlet Korea JoongAng Daily in June when the new blockchain tool was first uncovered.
“While BankSign will start off by giving the blockchain technology certification in the banking sector, we will work with the government and other open associations to grow its usage,” as indicated by Park Chang-ok.
The post Samsung SDS Using Blockchain Technology Certification For Customer Verification appeared first on OWLT Market.
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