From July Korean Banks Can Use Blockchain to Verify Customers ID
One of South Korea’s main banks is set to utilise a blockchain-based ID verification system for commercial use.
The news comes after the Korean Federation of Banks (KFB) released a notice from a project titled BankSign. After successful beta testing began in April earlier this year the system will be released to the public sector this coming July.
The private blockchain solution provided Nexledger, part of Samsung’s enterprise development solution team’s work, will allow BankSign to be used as an modern alternative for local banks looking to update the existing ID verification system.
With the announcement of this new blockchain identification process, it shows South Korea’s first attempt at allowing commercial banks to adapt blockchain applications for the general population. The new service will be available for both online and mobile banking according to the KFB.
However, this is not the first time that blockchain has been suggested by the KFB, with some reports suggesting that the organisation formed a banking blockchain group with a select few domestic financial institutions in November of last year.
This news comes after the South Korean government chose to uplift the ban placed on traditional financial institutions using the current system, allowing more freedom for the banking industry to trial more modern services.
What do you think about the news coming from the South Korean government? Let us know in the comments section below.
