We have seen some progress with Samsung SDS, Samsung’s IT arm, which has just put the finishing touches on BankSign, a certification tool for banks which is based on the blockchain. We got this from an official announcement made on the 27th of August.
Samsung and banks
In fact, this tool represents a joint project between Samsung SDS and the Korea Federation of Banks (KFB). If you are curious about what BankSign will be looking to accomplish, then you should know that this certification tool will be able to provide a simple transaction method within a variety of banking systems by requiring confirmation just from one bank.
This certification process can include the use of passwords, patterns or fingerprints. Samsung announced that when you sign up for BankSign you will gain certification for up to three years, which comes as a replacement for the current certification process. Until now, you had to renew it annually and you had to register and authenticate with each individual bank.
How does the finance industry feel about this?
Hong-Jun Yoo, the Vice President of finance business at Samsung SDS, feels that BankSign would be the first attempt at applying blockchain technology to the banking system. He also stated that Samsung continues to look further in terms of digital transformation business which will be able of challenging and increasing the competition between banks or other financial institutions.
The KFB first revealed working on BankSign in June and its intentions are to replace the current verification process, which is complicated and 20-year old. They feel that one based on blockchain technology would be more efficient. Samsung SDS has already launched a number of blockchain-based products this year, the latest being the CelloSquare 3.0 which works with the global logistics field.