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Korean Banking Group to Launch Blockchain ID Verification System

Samson Ononeme | Jun. 13, 2018
Korean Banking Group to Launch Blockchain ID Verification System

A new program based on distributed-ledger technology, the blockchain ID Verification system will be introduced into the local banking sector in Korea starting in July 2018. How is this platform designed?

13 June, AtoZ Markets - In order to make online and mobile banking efficient, Korean Banking Group plans to launch blockchain ID Verification system in the country starting in July 2018.

Korean Banking Group to Launch Blockchain ID Verification System

In line with the Korea Federation of Banks (KFB), “BankSign” a blockchain identity verification system to be used in both computer-based online banking and mobile banking , will be officially launched next month. A representative from the KFB explained that;

“BankSign is the first project co-developed by the local banking sector utilizing blockchain technology”.

The introduction of BankSign is a determined attempt by local banks to enhance the verification process in online and mobile banking for users. It is also a replacement for the 20-year-old banking security system known for its complexity and incompetence.

Blockchain application would offer a range of options

Park Chang-ok, a manager at the department of deposit services and payment systems at KFB explained that the banks’ new blockchain application would provide a variety of options in verifying clients.

He has been quoted as saying:

“With BankSign, banks will have options to choose from in verifying consumer identity, not just the public certification system”.

Park also explained that the BankSign identity verification system is based on Nexledger, a private blockchain solution developed by Samsung SDS.

The development of BankSign was an initiative that began immediately after the KFB launched a consortium back in November 2017 to explore opportunities to apply blockchain technologies to the local banking sector.

“While BankSign will start off by providing the service in the banking sector, we will work with the government and other public organizations to expand its usage”,

a representative of KFB said;

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