Korean banks will use Samsung SDS Blockchain to verify customer IDs from July, Cryptocoin News Hub
A national banking group signifying commercial banks ter South Korea will launch a customer identification check with blockchain technology ter July.
The Federation of Korean Banks (KFB) will officially launch ",BankSign",, a blockchain-based identity verification toneelpodium that will permit national retail banks to improve a decades-old verification system with online digitization spil te mobile banking, Korea JoongAng Daily confirmed.
Until this year, Korean banks were compelled to use a 20-year public banking security system that is predictably inefficient and outdated. However, the government reversed its ",Digital Signature Law", policy where national institutions were mandated to use the public certification system.
A KFB spokesperson added:
BankSign is the very very first project jointly developed by the restringido banking sector using blockchain technology.
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The blockchain toneel is specially built on Nexledger, a private cloud computing toneelpodium developed by Samsung SDS, the IT subsidiary of South Korea’s largest conglomerate, Samsung.
Spil reported by CCN at that time, Samsung SDS wasgoed launched ter April 2018 along with the launch of Nexsign, a biometric authentication solution also developed by Samsung that permits customers to build up access to a multitude of services using a single identification authentication. While this is unrelated to KFB’s BankSign, Samsung has already tested its Nexledger blockchain with Samsung Card the conglomerate credit card company, spil early spil October 2018.
It has now bot exposed that KFB established a consortium of its member to investigate and implement blockchain technology ter the national banking sector ter November 2018. The development of BankSign took off instantly, said KFB, before selected member banks began beta testing the system te April of this year.
Ter addition, KFB said that BankSign will find other applications within the government and other public organizations after taking off te the banking sector with an official launch that is only a few weeks away.
Picture of the Seoul business district of Shutterstock.