Banking Group of South Korea to Launch Blockchain

South Korea is finally entering the blockchain market. Some of South Korea’s commercial banks have decided to launch a blockchain-powered customer ID verification platform in July 2018, according to local news outlet Korea JoongAng Daily.

The report claims that the Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system for both online computer-based and mobile banking platforms. It further states that the move is intended to overthrow the 20-year old public verification system that is infamous for its complexity and incompetence.

Park Chang-ok, a manager at the department of deposit services and payment systems at KFB, talked about the various alternative options to verify clients IDs, that the banks’ new blockchain application would offer, and “not just the public certification system.”

The development of the BankSign initiative began immediately after the KFB launched a consortium exploring blockchain applications opportunities at the local banking sector in November 2017.

The BankSign platform is based on Nexledger, a private enterprise transaction management tool developed by Samsung’s subsidiary, Samsung SDS.

An announcement was made last week by Samsung SDS regarding the launch of its own enterprise blockchain platform Nexfinance aimed at finance-related businesses.