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Samsung introduces blockchain technology into the banking sector

The other day the Korean technology giant has introduced the BankSign-blockchain platform, which will be used to certify banks. The Korean Federation of Banks (KFB) also participated in the development.

BankSign is designed to provide a simple and effective way to conduct transactions between different banks or banking systems. Optimization will primarily concern the verification system on the platform, it will be valid for 3 years, compared to the existing one, where banks need to undergo an annual renewal of registration. Thus, once having passed the verification process in their bank, users will be able to conduct transactions through various applications or platforms of other banks.

This block platform minimizes the risk of changes and falsifications of certificates. On BankSign, identity verification can be carried out in various ways, including passwords, fingerprints, electronic signatures, etc. According to the company’s representatives:

banks will be connected to a common data exchange system, and a high level of reliability is supported by the impossibility of changing transactions on the block.

According to Hong-Jung Yo, vice president of the finance department, BankSign was the first blocking tool that was developed specifically for the banking system. He also noted that Samsung will continue to develop other similar tools that will increase the competitiveness and efficiency of Korean banks and other financial institutions.

Samsung has created a unit for the development of blockchain technology in 2015, and in 2017 introduced Nexledger, its first business platform based on blockbuster. Nexledger was created for accelerated user authentication with a single identity verification.

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