Samsung ot Launch Blockchain Based BankSign

BankSign platform developed jointly with the Korean Banking Federation
28 August 2018   776

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.

Supreme Court of India to Moved Crypto Ban Hearing

Back in April 2018, the RBI forbade controlled institutions to service enterprises and individuals in transactions related to crypto
18 November 2019   55

The Supreme Court of India postponed a hearing in January on the ban of the Reserve Bank (RBI) on the provision of services to companies and individuals related to bitcoin and other digital currencies.

In April 2018, the RBI forbade controlled institutions to service enterprises and individuals in transactions related to cryptocurrencies. The IAMAI industry organization challenged CB restrictions in the Supreme Court. In two previous hearings, the court sided with the RBI.