Samsung SDS, a subsidiary of South Korean manufacturer of technological components, has developed a banking platform based on the blockchain for verification of users and storage of certification data.
The platform, named BankSign combines mobile systems of different banks and between sets of continuous interaction. The convenience of the service is that it allows you to pass the verification in just one app, but for transactions to use any other software banks. The access control will be performed using different authentication methods: as a regular password and the fingerprint. Thus BankSign will replace the old and inefficient system of verification, which 20 years used in the country in the absence of alternatives. Samsung SDS has developed the service in collaboration with the Korean Federation of banks (KFB).
According to the developers, the safety platform brings together mobile banking systems into one network for data sharing. A good level of protection in this system is supported by fundamental properties of blockchain — his immutability. Shelf life certification data on the platform is not less than three years.
“BankSign is the first and long-awaited experience of applying blockchain technology in the banking service. […] Our company will continue to operate in the direction of the digital modernization of the business processes that will enhance the competitiveness of banks and other financial organizations”, — said in an official statement Samsung SDS.
Logistics and information technology division of Samsung started its work in 2015, and two years later introduced Nexledger — deal management tool for private companies. Later, the company announced that is developing a platform Nexfinance using a blockchain artificial intelligence (AI) and tools for processing big data. This system can track and collect financial documentation from different companies, to accumulate product recommendations and manage loyalty programs for credit cards.
Subsidiary Samsung is also improving the production processes of the founder. In April it became known that a large technology company plans to implement the blockchain in the system of the supply chain to track the movement of expensive international orders.
