Samsung to Streamline Banking with Blockchain-based Tool

5296 Total Views

Samsung announced on Monday that its subsidiary Samsung SDS has developed a blockchain-based certification platform for South Korean banks.

According to the report, the platform is developed in a partnership with the Korea Federation of Banks. The new platform is called BankSign and aims to make communication between various banks mobile systems seamless. Users can do transactions on different apps. However, the system will need verification from only one app, using patterns, passwords or fingerprints for authentication.

Samsung spokesperson stated the system’s security assured by connecting bank’s operations into the data-sharing network, and the certification data within this network can remain valid for up to 3 years.

As per the statement, this security is reinforced by the inherent immutability of blockchain.

The statement included:

“BankSign is the first application of the much-awaited blockchain tech on banking services. The company will continue to grow its digital transformation business, which will bolster the competitiveness of financial institutions and banks.”

Samsung SDS was started in 2015 and released its first business platform in Nexledger in 2017. Later it declared a digital finance platform based on blockchain tech and AI (artificial intelligence), Nexfinance, which is created to automate tracking and to incorporate financial records from various financial companies, getting product recommendations, managing credit card loyalty points and claiming insurance.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.