S. Korean Banks to Use Blockchain to Verify Customer IDs

BankSign will offer local banks an option to replace the existing ID verification system that has been in place for decades in South Korea
12 June 2018   480

The Korean Federation of Banks (KFB) announced that it will soon release a blockchain-based identity system for usage in local commercial banks. It will be called BankSign and will be launched in July, after the end of the test period, which had began in April this year. This is reported by CoinDesk.

Samsung developed a private blockchain, based on the Nexledger technology.  According to KFB, thanks to BankSign, local banks will be able to replace the existing identity system, which South Korean banks have been using for several decades.

The KFB Federation was founded in 1984 and represents in South Korea the interests of commercial banks, including Shinhan and Woori - they, in particular, are exploring the possibility of using blockchain for cross-border money transfers.

The new blockchain system, which, according to KFB, will be available for online and mobile banks, is one of the first blockchain initiatives of South Korean commercial banks aimed at interacting with the mass consumer.

According to the Korea JoongAng Daily, in November 2017 KFB, in conjunction with local financial institutions, formed a banking blockchain consortium, after which investigations began to create an alternative authentication system.

The beta test of BankSign began in April after the government of South Korea abolished the mandatory use by banks of the traditional system, which gave the banking industry scope for using more advanced methods.

Cryptopia to Resume Trading Temporary

Trading lasted few hours and has been stopped, and the company itself has not made any announcements on this matter
18 March 2019   39

Hacked cryptocurrency exchange Cryptopia temporarily resumed trading on this Monday, according to information from the order book on its website. To date, trading has been stopped, and the company itself has not made any announcements on this matter. The total volume of transactions on the exchange, which ceased trading services about two months ago, in the last 24 hours amounted to a little more than 10 BTC.

In a message not related to today's test launch of trades, the exchange announced that it would send letters to all clients affected by the hacker attack. A copy of the letter is available on the Cryptopia website. In it, the exchange describes the circumstances of the hacking and its further actions.

The company also confirmed that it will pay damages to affected users. Customers who kept cryptocurrency stolen from the exchange will see in their accounts withdrawal records without transaction identifiers, reflecting the extent of the damage. They will get Cryptopia Loss Marker (CLM), which are records in the database of payments due to them.

According to the announcement, the company expects to proceed with the payment of compensation and resume trading until the end of the month after the completion of the necessary legal procedures.