Samsung ot Launch Blockchain Based BankSign

BankSign platform developed jointly with the Korean Banking Federation
28 August 2018   762

Samsung SDS, a subsidiary of the Korean technical giant, introduced a certification platform for Korean banks called BankSign, based on blockchain technology. This is reported by the Yonhap.

It is reported that the BankSign platform developed jointly with the Korean Banking Federation and  is designed to provide interaction between the mobile systems of various banks. Users will be able to carry out transactions in different mobile applications, but verification will only be required in one program. As usual, passwords, fingerprints or a pattern are used to verify users.

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

According to representatives of Samsung, the security of the system is ensured by combining banking systems in a single data exchange network. Certification data can remain valid for three years. Technology should increase the safety of users. 

Samsung SDS was founded in 2015. The release of the first business platform called Nexledger was held in 2017. At the moment, the IT department of the South Korean technological giant is developing a digital financial platform Nexfinance based on distributed registry technology.

Old Korean Social Network to Close After Tokensale

Cyworld platform started operating back in 1999 and it conducted an IEO at CoinZest this year
14 October 2019   49

Investors who acquired the clink cryptocurrency issued by the South Korean social network Cyworld are worried about the status of their investments due to the company's sudden closure, reports Korea Times. Some of them are ready to go to court.

The Cyworld platform was launched in 1999 and was especially popular among the country's population until the mid-2000s. The company, however, failed to see the trend towards the development of mobile solutions on time and as a result lost its position in the market. On October 1, it closed her platform without posting any warnings to users.

At the same time, the Clink site was unavailable, and Cyworld management continues to ignore the numerous requests of investors. The Korean exchanges CoinZest and BitSonic, where Clink is still being traded, are considering delisting the asset. Industry officials say Clink's investor losses will be at least 1 billion won ($ 845,000).

Clink's primary distribution was through IEO through the CoinZest platform earlier this year and, according to the Korea Times, it was the company's attempt to bring a fading social network back to life. A total of 24 million Clink tokens were sold for a total of 480 million won ($ 400,000).

In the second half of 2019, employees who have not received salaries since the end of 2018 began to leave the company en masse. Since the start of trading, the Clink price has fallen from 26 won to 0.19 won. According to the Coingecko portal, Clink's current capitalization and revolving volume are unknown, while the marginal issue volume is 10 billion units.