Samsung Presents Blockchain Certification Tool for Banks

Samsung presents Blockchain certification tool for banks, thus aiming to replace old and impractical banking verification system. The system will require verification from just one bank as opposed to each individual bank in the conventional method.

28 August, AtoZ Markets – The IT division of the Samsung, Samsung SDS has reportedly developed a Blockchain-based certification tool for banks called BankSign. 

Samsung Presents Blockchain Certification Tool for Banks

The official announcement from the company notes that the development work by Samsung SDS appears as a joint project with the Korea Federation of Banks (KFB). BankSign will aim to provide a simple transaction method within different banking systems by requiring certifications from just one bank. In addition, this certification can be further verified on the platform with the use of passwords, patterns of fingerprints. 

As per the announcement, BankSign allows customers to acquire a certification that will be valid for up to three years. This would ultimately replace the existing certificate system, which currently requires annual renewal and registration along with authentication with each individual bank. 

Hong-Jun Yoo, the Vice President of finance business at Samsung SDS has stated that the upcoming project BankSign would be “the first example of applying blockchain technology to banking services.” He also added that the company is “further expanding its digital transformation business, which will enhance the competitiveness of banks and other financial institutions.”

Samsung’s Nexfinance

Back in June, the KFB has first stated that it was working on the development of BankSign. That time, the company has stated that it was planning to replace the present complicated 20 years old verification system. Instead, they planned to present a more efficient and practical system that is based on Blockchain. At that time, online reports stated that BankSign would be based on Nexledger, which is a private enterprise transaction management tool that is developed by Samsung SDS. 

Samsung SDS has also released a suite of Blockchain-based products this year. Earlier this summer, the company has revealed its product called CelloSquare 3.0. It is a Blockchain implementation product that is targeting the global logistics sector. 

Before that, Samsung SDS has introduced its Blockchain-powered finance platform called Nexfinance. It has stated that the product would also incorporate aspects of “artificial intelligence,” “big data analytics” and “advanced IT technologies, such as Intelligent Process Automation.”

Samsung DLT Tech for Logistics

This April, AtoZ Markets reported that Samsung Electronics was already working on a distributed ledger system to track international shipments. The company reportedly expects that the move could reduce shipping costs by as much as 20%. The company’s logistics and IT subsidiary, Samsung SDS, was developing the platform, according to the media reports.

Song Kwang-woo, blockchain lead and vice president at SDS, has been quoted as saying:

“It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation.”

As per the report, SDS plans to ship around 500,000 tons of air freight and around 1 million shipping containers in 2018. These products are worth tens of billions of dollars. Samsung plans to decrease overheads with the help of a Blockchain-based system. In addition, the new system will allow it to react more quickly to the market movements.

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