Samsung SDS, the subsidiary of Samsung Group responsible for IT innovation, has created a blockchain-based certification platform which is expected to ease banking transactions for customers of South Korean banks.
According to South Korean news outlet Yonhap, the company announced on Monday that the new platform called BankSign will make it easier for to interact between the mobile systems of the different banks. Samsung representatives said the system’s security ensured by connecting banks’
How BankSign Platform Works
As per Yonhap, the platform allows users to access different banking apps from different banks with only one verification—that is, when users verify on one app, they will no longer be required to verify on the other apps before gaining access.
The verification which can be in form of passwords, patterns, or fingerprints can be valid for up to three years, according to Samsung SDS. It also added that by leveraging the inherent nature of blockchain technology, it is making forgeries and alterations extremely difficult.
Samsung’s Blockchain Efforts
It will be a surprise if Samsung, being one of the biggest tech conglomerates in the region, is not making efforts to innovate through blockchain’s emerging technology. Through its IT arm, Samsung SDS, the group is researching and implementing solutions based on blockchain and other emerging techs like AI.
In April, Vice president at Samsung SDS, Song Kwang-woo said that the electronics giant was planning to utilize a distributed ledger system (DLTs) for shipping and logistics—an effort it estimated will save the company up to 20 percent.
Its Monday statement, Samsung SDS reiterated the benefit of blockchain use case and promised the continued effort towards blockchain. The statement read:
“BankSign is the first application of the much-anticipated blockchain technology on banking services”
“The company will continue to expand its digital transformation business, which will bolster competitiveness of banks and financial institutions.