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South Korean Banks' Blockchain-Powered ID Verification

southkorean june13 lt

South Korean commercial banks have joined together for a blockchain-powered customer ID verification platform, dubbed BankSign.

Korea Federation of Banks or KFB, in a notice, said the new system for domestic commercial banks is scheduled to be launched in July. The move follows a testing phase that began in April this year.

BankSign is built with Nexledger, a private blockchain platform developed by Samsung unit Samsung SDS, which recently launched its own enterprise blockchain platform Nexfinance for finance-related businesses.

According to KFB, BankSign will offer local banks an option to replace the existing ID verification system, and will be available for both online and mobile banking.

KFB formed the banking blockchain consortium with domestic financial institutions in November 2017, and immediately started the development of BankSign, while its beta testing started in April .

The new system is expected to find other applications within government and other public organizations after its launch in the banking sector.

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