According to the local news publication Korea JoongAng Daily, a group of South Korean commercial banks intends to launch a platform for identifying customers on the basis of Blockchain in July this year.
According to the information provided, the Korean Federation of Banks (KFB) intends to launch the “BankSign” system for online banking and mobile applications. The system will become an alternative to the classical state audit, which has repeatedly proved inefficient and difficult.
A KFB representative, Chang-ok Park, said that the new Blockchain-based system would allow several options to be used to identify customers, not only on the basis of the state certification system.
As reported in the report, the development of BankSign began in November last year, after KFB conducted a consortium to study the specifics and application of Blockchain technology in the banking sector.
The basis for BankSign was Nexledger technology, created by Samsung SDS. Nexledger allows you to effectively manage transactions of private enterprises.
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