Conglomerate Samsung's IT arm Samsung SDS has partnered with the Korea Federation of Banks (KFB) to develop a co-verification service dubbed "BankSign" for banks which is powered by blockchain technology.
KFB formed the banking blockchain consortium with domestic financial institutions in November 2017, and immediately started the development of BankSign, with its beta testing starting in April.
BankSign makes it easy for mobile banking customers to access the banking services of multiple banks seamless with simple authentication if the customer has already has a co-verification certificate from any other bank on BankSign.
The use of blockchain technology will improve security and make it possible to also extend the ID verification renewal cycle of digital certificate to three years from the present one year. Mobile banking customers had to renew their digital certificate every year for each bank they dealt with.
BankSign also prevents certificate forgery through synchronization of distributed agreements and real-time authentication information between banks. These are characteristic of the inherent immutability of blockchain technology.
BankSign is built with Nexledger, a private blockchain platform developed by Samsung SDS, which recently launched its own enterprise blockchain platform Nexfinance for finance-related businesses.
With Banksign, Samsung SDS has expanded its blockchain platform business to the banking sector after developing solutions for the finance, manufacturing, logistics, and public sectors.
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