Samsung SDS, a subsidiary of Korean technical giant, has introduced a blockchain-based certification platform for Korean banks and named it BankSign, as announced on Monday ( August, 27).
Fruit of what seems to be a dynamic partnership, Banksign was developed in collaboration with the Korean Federation of Banks, the outcome of which is a high-tech platform that makes interactions between different banks’ mobile systems seamless by enabling users to carry out transactions on different apps. Still, the system will only require verification from one single app, using passwords, fingerprints or patterns for authentication.
Aside from that, the acquired certification is valid for up to three years, replacing the existing certificate system, which requires annual renewal and registration and authentication with each individual bank, and we all know how very unpleasant banking procedures could be__unpleasant is the least to say!
For that matter, Hong-Jun Yoo, Vice President of finance business at Samsung SDS, reportedly claimed that BankSign would be “the first example of applying blockchain technology to banking services.” He added that the company is “further expanding its digital transformation business, which will enhance the competitiveness of banks and other financial institutions.”
However, Samsung is not new to this revolutionary movement of “blockchaining things”, in fact the company released its first business platform, Nexledger, earlier in 2017 and right after that it announced a digital finance platform powered by blockchain technology and artificial intelligence, Nexfinance, which is designed to automate tracking and integrating financial records from different financial companies, getting product recommendations, claiming insurance and managing credit card loyalty points, I mean it’s Samsung right!
After all, there is a lot to expect from South Korea’s tech conglomerate in this field, while It is still unclear from the initial announcement when people should expect Banksign to be officially available. At this point, all we know is that the platform is relatively developed.