Samsung Archives - 2100NEWS

UrbanAugust 28, 2018

2min326

Samsung, under its IT arm Samsung SDS Co., has unveiled its blockchain based platform, BankSign, to allow people to make transactions at different banks more easily.

The Korea Federation of Banks (KFB) launched BankSign in June as a way to allow domestic retail banks to strengthen their verification systems by digitizing both mobile and online banking.

The platform allows customers to make transactions using the mobile banking systems of different banks. The user can conduct transactions at different banks with just one bank’s certification.

Versatile Certifications

Because blockchain technology minimizes the vulnerabilities of alterations and forgeries, certifications can be done on BankSign with various methods, including fingerprints, passwords and patterns.

The platform’s data sharing network and connectivity to banks’ systems ensure safety, Samsung SDS noted in its announcement. In addition, certification can be valid up to three years via the sharing network.

Samsung created a division for developing blockchain technology in 2015, then introduced Nexledger, its first blockchain business platform, in 2017. BankSign marks the initial application for its banking services and blockchain technology, the company noted.

Samsung plans to continue expanding its digital transformation enterprise and expects to contribute to the competitiveness of financial institutions.

The KBF noted that BankSign is the first project that the local banking community developed utilizing blockchain technology.

Improved Security For Banks

Prior to BankSign, Korean banks had to use a 20-year old security system that was inefficient. Since that time, the Korean government changed its “Digital Signature Act” policy that required domestic institutions to use a public certification system

Samsung established SDS in April 2017 along with a biometric authentication solution called Nexsign to allow customers to access services using a single ID authentication. While Nexsign is not related to BankSign, Samsung tested its Nexledger blockchain with its conglomerate’s credit card company, Samsung Card in October 2016.



About us

We are the new economy news hub. 2100NEWS is the professional index, data, and tools provider in the digital asset space, offering Crypto Market Intelligence, providing the perspective you can trust and equipping you with information edge you need to stay ahead. (Real-time data of token issuers and news, analysis and commentary from community.) We are very excited to contribute to the evolution of the industry and build an ecosystem around our offering (the institutional-grade data infrastructure required to enable institutional investments in digital assets). We want our contributions (Contents and Tools on 2100NEWS.com) to be useful for helping investors.


CONTACT US

CALL US ANYTIME



Latest posts



Newsletter


  • ethereumEthereum (ETH) $ 514.39 1.48%
  • rippleXRP (XRP) $ 0.551245 0.08%
  • litecoinLitecoin (LTC) $ 69.76 1.58%