Samsung aims to simplify and centralise banking authentication using blockchain
Users can make transactions through multiple banks' mobile platforms via a single certification process.
Samsung SDS, the Information Technology (IT) subsidiary of South Korean company Samsung, announced the development of a blockchain-based certification system that allows customers to transact with different banks.
Yonhap News reports that Samsung SDS created the shared banking platform, known as BankSign, together with the Korea Federation of Banks in order to make it easier for people to perform financial transactions.
Users can make transactions through multiple banks' mobile platforms via a single certification process. Verification can be made using either fingerprint, password or pattern. The implementation of blockchain technology means there is an added level of security to combat issues such as forgery and falsification.
Banks systems and data-sharing networks are linked to provide enhanced safeguarding, according to Samsung SDS. The company added that user certification can remain valid for up to three years.
"BankSign is the first application of the much-anticipated blockchain technology on banking services," Samsung SDS said. "The company will continue to expand its digital transformation business, which will bolster competitiveness of banks and financial institutions."
Samsung SDS launched its first blockchain-for-business platform, Nexledger, in April of last year.
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