BankSign: Samsung now to streamline Banking with Blockchain technology
Samsung SDS, a subsidiary of South Korea’s technology hub has successfully built a blockchain certification platform exclusively for the Banks of South Korea. This step taken by the company will definitely help the customers to transact their payment more easily in different banks.
A new platform got emerged with the collaboration of the Korea Federation of Banks in the month of June named the BankSign. This platform aims at providing seamless services for the interaction of various banks mobile protocols without any conflict of interest.
With the help of this platform, the users can easily transact their money at different levels by using single banks certification. Moreover, the customers are allowed to transact by using an app, however, the system will demand verification, fingerprints, and other identification proof.
The Samsung team reported that the security system will surely be linked by the bank system of the data transferring network and your certification data will remain valid for three consecutive years with this network.
It can be said that this whole certification procedure is versatile in nature as with the support of blockchain tech all the demerits and loopholes are easily rectified making it more vulnerable and easy to handle.
The certification on BankSign can be done in various ways including the patterns, private passwords, and the fingerprints.
Samsung developed a separate department for the blockchain technology in the year 2015 and then launched their first blockchain business, Nexledger in the year 2017.
Later on, the platform developed a virtual finance platform that is mainly powered with the support of blockchain technology, Nexfinance that enables you to intermingle automatically with the tracking record and financial status with various financial industries, help in products recommendation, allow to control your credit card and so far.
The KBF team noted that BankSign is the first and the foremost platform developed for the local bank community with the help of blockchain technology.
This BankSign platform emerges as a blessing for the Korean banks because they used a 20-year-old security system that consists of many defects and loopholes. At that time the state decided to amend “Digital Signature Act” that demanded local institutions to make use of a public certification protocol.
Now with the help of blockchain technology, all their issues and defects can be amended and will be made better for the user.
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