Samsung SDS, a branch of the South Korean technological giant, has designed a blockchain technology-based platform for South Korean banks, the company reported today.
Samsung SDS launched the new BankSign platform based on blockchain technology
The new BankSign platform, jointly developed by the Korean Federation of Banks and Samsung, is intended to provide flawless interoperability between the mobile systems of different banks. Customers can conduct transactions on different apps, but the new system will need to check them from a single application, using passwords, fingerprints or patterns for authentication, Yonhap press agency revealed.
Samsung delegates claimed that the security of the system ensured by the coupling of bank systems to the data sharing blockchain technology network, and authentication data into this network can stay in place for up to three years. One statement claimed that this security is strengthened by the immutability of the blockchain.
Is not the first time Samsung SDS is using blockchain technology-based solutions for improving the banking system
“BankSign is the first application of the long-awaited technology of the blockchain on banking services. The company will continue to develop its digital transformation activities, which will strengthen the competitiveness of banks and financial institutions,” the statement says.
Samsung SDS started in 2015, and issued its first business platform, Nexledger, in 2017.
Subsequently, the company introduced a digital financing platform fueled by blockchain technology and artificial intelligence, Nexfinance, that is aimed at tracking and integrating the financial files of various investment companies, generating recommendations for products, demanding insurance and handling credit card fidelity points, the Korea Herald announced in June.
While cryptocurrencies are still viewed as risky assets for the mainstream financial system, even in South Korea, the blockchain technology is considered a significant technological achievement that might help the banking system overcome the current issues that characterize transactions and data recording.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.