A group of South Korean commercial banks will launch a blockchain[1]-powered customer ID verification platform in July 2018, local news outlet Korea JoongAng Daily[2] reports today, June 12.
According the report, the Korea Federation of Banks[3] (KFB) will launch their “BankSign” identity verification system to be used in both online computer-based and mobile banking. According to Korea JoongAng Daily, the move is intended to replace the 20-year old public verification system that is reportedly notorious for its complexity and inefficiency.
Park Chang-ok, a manager at the department of deposit services and payment systems at KFB, explained that banks’ new blockchain application would offer a range of options to verify clients IDs, “not just the public certification system.”
According the report, development of the BankSign initiative was started immediately after the KFB launched a consortium exploring blockchain applications opportunities at the local banking sector in November 2017.
The BankSign platform is based on Nexledger[4], a private enterprise transaction management tool developed by Samsung[5]’s subsidiary, Samsung SDS.
Last week, Samsung SDS announced[6] the launch of its own enterprise blockchain platform Nexfinance aimed at finance-related businesses.
References
- ^ blockchain (cointelegraph.com)
- ^ Korea JoongAng Daily (koreajoongangdaily.joins.com)
- ^ Korea Federation of Banks (www.kfb.or.kr)
- ^ Nexledger (cointelegraph.com)
- ^ Samsung (cointelegraph.com)
- ^ announced (cointelegraph.com)
