Samsung Reveals New Blockchain Certification Tool For Banks

Bank certifications can be a bit of a pain to acquire and renew. Bank certificates are only valid for a year and need to be registered and authenticated with each individual bank. Now Samsung's IT branch, Samsung SDS, wants to change the game with a new blockchain-based certification tool for banks.

Blockchain Certification

In an official announcement published last August 27, Samsung SDS revealed BankSign, a blockchain-based certification tool for banks, to the world at large.

BankSign was developed by Samsung in partnership with the Korea Federation of Banks (KFB). BankSign aims to simplify the process of getting a bank certification, creating a simple transaction method in various banking systems by requiring certification from only one bank. Certification can easily be verified on BankSign’s platform using either passwords, fingerprints, or patterns.

BankSign also lets users acquire a certification that is valid for three years, replacing the current certification system, where the certificate is only valid for one year and has to be renewed, registered, and authenticated with each individual bank.

Hong-Jun Yoo, Samsung’s Vice President of finance business at Samsung SDS claims that BankSign is the first example of the application of blockchain technology to banking services. Yoo adds that Samsung is looking to expand their “digital transformation business, which will enhance the competitiveness of banks and other financial institutions.”

SamsungThe KFB first revealed the development of BankSign in June of this year, with the intent of using it to replace their 20-year-old verification system. BankSign is based on Nexledger, a private enterprise transaction management tool created by Samsung SDS.

Samsung SDS has been on a roll this year, releasing a full suite of blockchain-based products. Last June, the firm also introduced CelloSquare 3.0, a blockchain app that targets the global logistics sector.

Samsung SDS also launched finance platform Nexfinance. The firm stated that Nexfinance would also implement aspects of “artificial intelligence,” “big data analytics” and “advanced IT technologies, such as Intelligent Process Automation.”

Interested in learning more about how blockchain technology is disrupting the current systems? Check these other articles here on our cryptocurrency news site.

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