The Korean Federation of banks (Korea federation of banks, KFB) just a few weeks plans to deploy a system of verifying the identity of citizens on the basis of the blockchain to local commercial banks, writes CoinDesk.
As stated in the Federation system called BankSign should be started in July after the testing phase, which began in April this year, the report says.
BankSign created based on blockchain platform Nexledger, which was developed by a division of Samsung enterprise solutions. The system will prompt local banks to replace the existing decades a system of verification of your identity.
The service, which will be available for both online and mobile banking represents one of the first attempts of commercial banks in South Korea to make the blockchain app available for ordinary consumers.
Beta testing BankSign began in April after the South Korean government lifted the requirement for banks to use traditional identification system.
Study of alternative authentication systems began in November 2017, after the establishment in the framework of KFB Bank blockchain consortium.
Founded in 1984, the Association KFB is a Korean commercial banks, including such major financial institutions as Shinhan and Woori, who are also studying the blockchain to create a system of international transfers for business customers.
Earlier, the Supreme Court of South Korea ruled that cryptocurrencies can be considered as property that can be confiscated in the course of a criminal investigation.
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