Telecommunication giant Samsung’s IT branch Samsung SDS announced that their blockchain-based bank co-authentication service, BankSign, is ready.
The concept was developed together with the Korea Federation of Banks (KFB). It helps customers to obtain authentication from one bank and access banking services from multiple banks at once. This method has been enhanced with fingerprints, patterns and passwords.
Since all information is locked on the blockchain, it is tamper-proof and synchronizes between banks in real time. Additional encryptions as security measures allow this certificate to be valid for three years instead of one.
Samsung SDS has a blockchain focused group since 2015. In 2017 Samsung SDS revealed Nexledger, a blockchain-based transaction processing which operates in real time and incorporates smart contracts.
WHY IS IT IMPORTANT?
- Giants like Samsung use blockchain-based platforms to provide solutions to traditional financial institutions. It expands the areas where DLT is being utilized
- Faster and safer authentication with this system can draw attention from other institutions and blockchain can replace traditional operators.