The Korean Federation of banks (KFB) announced the launch of blockchain-a platform customer identification, scheduled for next month.

Yesterday, a local news publication Korea JoongAng Daily reported that the product of the Association of commercial banks will be called BankSign, and is designed to replace the complex and inefficient system of verification, which has been in the country for 20 years.

According to South Korean media reports, the development of this product began in November last year, when the KSE has established a consortium studying the possibility of applying the blockchain to the local banking sector.

According to Park Chang-Oka (Park Chang-ok), Department Manager, Deposit services and payment systems, KSE, BankSign will offer several options customer identification, “and not just a public certification system”. The platform will be used for online and mobile banking.

It should be noted that BankSign built on the basis of Nexledger, tool transaction management private enterprise, established Samsung SDS is a subsidiary company of Samsung, based in South Korea.

Recall that a few days ago, Samsung SDS has introduced its corporate blockchain platform Nexfinance-oriented financial business.

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