Usable for 15 Korean Banks
A certificate-based authentication service that can be used for 15 banks, including KB Kookmin, Shinhan, Woori, and KEB Hana, has been released.
On August 27, Samsung SDS announced that it has completed developing a blockchain-based joint bank authentication certificate service “BankSign,” which will start its service for 15 banks. Previously, mobile banking users had to renew their authentication certificates every year and go through different registration and certification processes for each bank, but by using the BankSign, they can now have a joint authentication certificate issued by one bank and access other banks’ mobile banking services via simple certification.
BankSign prevents counterfeiting and alteration of the certificate through blockchain’s variance agreement and real time certificate information synchronization among banks. On top of this, the communication section is encrypted while data and network are double encrypted, reinforcing security even more. The certificate is valid for three years, extending from the current one year.
With the establishment of BankSIgn, Samsung SDS has now expanded the blockchain platform-application to the banking area, following the finance, manufacturing, distribution, public areas. Since the company newly created a blockchain team in 2015, it has released a blockchain platform called “Nexledger,” which has a monitoring system for real time bulk transaction processing, smart contract and management while strengthening research and development activities.