Samsung Looks to Streamline Banking With Blockchain Tool

Samsung SDS, a subsidiary of South Korea's tech conglomerate, has developed a blockchain-based certification platform for South Korean banks, it announced Monday.

Developed in collaboration with the Korea Federation of Banks, a new platform called BankSign is said to make interactions between different banks' mobile systems seamless. Users can carry out transactions on different apps, but the system will require verification from only one app, using passwords, fingerprints or patterns for authentication, news agency Yonhap reported.

Samsung representatives said the system's security ensured by connecting banks' systems into 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 bolstered by the inherent immutability of blockchain. The statement added:

"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."

Samsung SDS was launched in 2015, and released its first business platform, Nexledger, in 2017. Later it announced a digital finance platform powered by blockchain technology and artificial intelligence, Nexfinance, which is designed to automate tracking and integrating financial records from different financial companies, getting product recommendations, claiming insurance and managing credit card loyalty points, The Korea Herald reported in June.

Samsung image via Shutterstock