The IT wing of tech behemoths Samsung, the Samsung SDS, has made an official announcement of having created BankSign, which is essentially a crypto-based certification tool for banks.
Samsung SDS created it as a joint project in collaboration with the Korea Federation of Banks (KFB). The purpose of BankSign is to create a simpler transaction procedure for various banking systems, and this is achieved through certification from just one bank. The verification procedure on the platform could require fingerprints, passwords, or even patterns.
The announcement says that BankSign will allow customers to procure a certificate that could have a validity of up to 3 years. This is a much welcome change from the current certification procedures, which require renewal every year, and authentication with each individual bank as well.
The Samsung SDS vice president of finance and business Hong-Jun Too explained that BankSign is the “first example of applying blockchain technology to banking services”. Additionally, he also claimed that his company is “further expanding its digital transformation business, which will enhance the competitiveness of banks and other financial institutions.”
The KFB had announced back in June that it was in the process of creating BankSign, looking to get rid of the complex and rather old verification system with a new one that would be secure, fast, and essentially based on blockchain. According to reports at the time, BankSign would be created around Nexledger, a private enterprise trade managing tool that has been created by Samsung SDS.
Samsung SDS has developed and launched a number of crypto-based products this year. Back in June, the firm released the product CelloSquare 3.0, an implementation of blockchain that would be set to work in the field of international logistics.
Not very long before that, the firm had also announced the development of a blockchain-based finance platform dubbed Nexfinance. Samsung SDS explained that this new product would be integrated with the important bits of “artificial intelligence,” “big data analytics” and “advanced IT technologies, such as Intelligent Process Automation.