Samsung SDS Announces “BankSign” Personal Authentication Tool using Blockchain for Banks
On July 27, Samsung SDS, which handles IT business under Samsung in South Korea, announced BankSign, a personal identification tool using blockchain for banks.
Developed jointly by Samsung SDS and the Korea Banking Federation, BankSign is regarded as a technology that allows all banks to perform individual authentications at once.
Traditionally, when a customer uses the service of a bank, certification from each individual bank was necessary, and renewal was required each year.
However, with the introduction of BankSign, it will be possible to use another bank’s mobile banking by receiving a certification from a single bank, and the validity period of certification will increase from 1 year to 3 years.
Moreover, by improving authentication means by diversifying validation methods such as passwords, fingerprints, and pattern methods, it aims to make things even more convenient.
The Vice President of Samsung SDS said the following in a press release:
“BankSign is the first case to apply blockchain technology to banking services, as we will continue to expand the digital transformation business to strengthen banking and financial institutions.”
The company established a department specializing in blockchain in 2015, and announced Nexfinance, a blockchain platform for the financial industry, in June of this year.
