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.
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.