Samsung’s Blockchain-based Platform ‘BankSign’ Set to Enhance Interbank Transactions

The IT division of Samsung call Samsung SDS Co., has showcased its blockchain based platform, BankSign, which aims to give clients the ability to initiate transactions between different banks with ease.

The Korea Federation of Banks (KFB) released the new platform BankSign bank in June 2018, as a system that will give Korean retail banks a stronger verification system by making mobile and online banking completely digital.

Client on the the platform can make transactions at various banks using only on bank’s certification by using the mobile banking systems of different banks. Thereby creating a system of interbank that comes with an ease of use.

Due to blockchain technology’’s immutable nature, this will negate many of the vulnerabilities of alterations and forgeries on the ledger. Confirmation of credentials can easily be done with BankSign by using security measures such as fingerprints, passwords and patterns.

Samsung SDS commented in its announcement, that BankSign’s data sharing network and connectivity to banks’ systems will guarantee safety within the transactions . The certification provided can be utilized within three years through the data sharing network.

Samsung’s first blockchain business platform, Nexledger, was created in 2017, after the company had developed its arm for exploring blockchain technology two years prior in 2015. BankSign is its first application that will see blockchain technology integrated in its banking services.

Local Korean banks had to use an inefficient 20-year old security system before the launch of the new blockchain platform. Korea’s government has altered its “Digital Signature Act” policy that mandated domestic institutions to use a public certification system.

Samsung has also created a biometric authentication solution named Nexsign along with its IT division SDS back in April 2017. Nexsign is a platform that will give customers access to various services using a single form of ID authentication. While Nexsign has no relation to BankSign, the mega-company had run test on the Nexledger blockchain with the credit card company, Samsung Card in October 2016.