Samsung SDS, the IT arm of tech giant Samsung, has developed BankSign, a blockchain-based certification tool for banks, according to an official announcement August 27.
The development by Samsung SDS is a joint project with the Korea Federation of Banks (KFB). BankSign aims to provide a simple transaction method within various banking systems by requiring certification from only one bank. Certification can be verified on the platform using passwords, fingerprints, or patterns.
According to the announcement, BankSign enables customers to acquire a certification that is valid for up to three years, replacing the existing certificate system, which requires annual renewal and registration and authentication with each individual bank.
Vice President of finance business at Samsung SDS Hong-Jun Yoo claimed that BankSign would be “the first example of applying blockchain technology to banking services.” He added that the company is “further expanding its digital transformation business, which will enhance the competitiveness of banks and other financial institutions.”
In June, the KFB first revealed it was developing BankSign, intending to replace the complicated, 20-year old verification system with a more efficient, blockchain-based one. At that time, Cointelegraph reported that BankSign would be based on Nexledger, a private enterprise transaction management tool developed by Samsung SDS.
Samsung SDS has released a suite of blockchain-based products this year. In June, Samsung SDS introduced its product CelloSquare 3.0, a blockchain implementation targeting the global logistics field.
Prior to that, the company announced the launch of a blockchain-powered finance platform Nexfinance. Samsung SDS stated that the product would also incorporate aspects of “artificial intelligence,” “big data analytics” and “advanced IT technologies, such as Intelligent Process Automation.”