Samsung turns to blockchain to simplify transaction verification on banking apps
Samsung SDS, the IT services unit of Samsung Group, has reportedly developed a certification platform BankSign, which is based on blockchain technology. The platform will allow users to carry out transactions on different banks’ mobile systems using verification from just one of those systems.
The certification can be made using methods such as password, fingerprints and patterns, according to a report by South Korean news agency Yonhap. Since the platform is based on distributed ledger technology, making forgeries of and alterations to the transactions becomes very difficult.
"BankSign is the first application of the much-anticipated blockchain technology on banking services," Samsung SDS said in a statement.
The platform is secured by connecting banks’ systems and the data-sharing network. The certification data within the platform can remain valid for up to three years.
The platform was set up in collaboration with the Korea Federation of Banks, an organization that represents financial institutions in South Korea.
The national banking group had earlier announced that it was working on this particular ID verification system. A testing phase for BankSign had begun in April this year.
Samsung serious about blockchain
The report highlighted that the unit had launched a division solely involved in developing blockchain technology in 2015. The subsidiary showcased its first business platform, Nexledger, last year.
BankSign is built on top of Nexledger, a platform that enables businesses to have access to a wide variety of blockchain-based solutions.
The Nexledger platform provides the infrastructure and services to implement this technology in all sectors, including financial services, electronics, manufacturing and logistics.
"The company will continue to expand its digital transformation business, which will bolster competitiveness of banks and financial institutions," the unit added.
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