Samsung SDS, an IT branch of Samsung, announced that it has built up a Blockchain based authentication platform for organizing banking transactions for the general public. It has developed a blockchain-fueled signature system called BankSign that will make it less demanding for individuals to do transactions among various banks. The framework’s security has been guaranteed by interfacing banks’ and the information sharing system.
The working mechanism of BankSign Platform
The platform is established in partnership with the Korea Federation of Banks. With it, customers will have the ability to do transactions using any advanced, versatile mobile application once they confirm their identity. At that time when customers will verify their identity on one app, they will not need to prove it on other apps.
According to the Samsung SDS, the verification can be done using a fingerprint, password or pattern and it can be valid for up to three years. By this exertion, SDS endeavored to supplant the confounded, 20-year old confirmation framework which requires yearly renewal and registration and validation with every individual bank. It likewise included that by taking advantage of the innate idea of blockchain technology, it is making frauds and modifications very troublesome.
Samsung’s Blockchain Exertion
It is impressive that one of the most significant technical groups isn’t endeavoring to innovate through the emerging technology of Blockchain. Through its IT branch – Samsung SDS, it is researching and executing solutions in light of other emerging technologies like Blockchain and AI.
Samsung SDS’s Vice President of Finance Business Hong-Jun Yoo asserted on Monday’s declaration that,
“BankSign is the first application of the much-anticipated blockchain technology on banking services,”
In April, Song Kwang-woo, the VP of Samsung SDS, stated that the tech mammoth was intending to use a distributed ledger system (DLTs) for global logistics and shipping.
In June, the auxiliary, SDS propelled Nexfinance, a digital finance platform which is fueled by Artificial Intelligence (AI) and blockchain innovation.
Afterward, it has launched the product CelloSquare 3.0 which is logistics online software based on Blockchain and AI.