South Korean Banking Team to Launch Blockchain-Powered ID Verification Platform

A group of South Korean commercial banking companies will launch a blockchain-driven client ID verification system in July 2018, community information outlet Korea JoongAng Day-to-day studies today, June 12.

According the report, the Korea Federation of Financial institutions (KFB) will start their “BankSign” identity verification method to be applied in both equally online computer-primarily based and mobile banking.  According to Korea JoongAng Each day, the move is supposed to substitute the 20-year old community verification technique that is reportedly notorious for its complexity and inefficiency.

Park Chang-okay, a supervisor at the division of deposit products and services and payment units at KFB, defined that banks’ new blockchain software would give a array of options to validate clients IDs, “not just the community certification technique.”

According the report, progress of the BankSign initiative was began straight away immediately after the KFB introduced a consortium exploring blockchain applications possibilities at the neighborhood banking sector in November 2017.

The BankSign system is dependent on Nexledger, a personal organization transaction management tool developed by Samsung’s subsidiary, Samsung SDS.

Very last 7 days, Samsung SDS introduced the start of its possess company blockchain platform Nexfinance aimed at finance-connected organizations.

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