Samsung SDS, a subsidiary of South Korea's technology conglomerate, has developed a blockchain-based certification platform for South Korean banks, announced on Monday
Developed in cooperation with the Bank of Korea Federation, a new platform call BankSign is said to make the interactions between the mobile systems of the different banks seamless. Users can make transactions on different apps, but the system will request verification from one app, using passwords, fingerprints or authentication templates, reports the Yonhap news agency.
Samsung representatives said that the security of the system is assured by linking the banking systems to the data sharing network and the certification data within this network can remain valid for up to three years.
According to a statement, this security is supported by the inherent immutability of the blockchain. The statement added:
"BankSign is the first application of the long-awaited blockchain technology on banking services … The company will continue to expand its digital transformation business, which will strengthen the competitiveness of banks and financial institutions."  Samsung SDS was launched in 2015 and launched its first business platform, Nexledger, in 2017. Subsequently it announced a digital finance platform based on blockchain technology and artificial intelligence, Nexfinance, designed to automate the monitoring and integration of financial records from different companies, obtaining product advice, claiming insurance and managing credit card loyalty points, The Korea Herald reported in June.
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