Crypto activities in South Korea are increasing rapidly. Just recently, a national banking group who represents the country’s commercial banks has announced the coming of a blockchain-powered customer ID verifications system. The system will be taken online in July.
It has been confirmed by multiple news sources from South Korea that the Korea Federation of Banks has moved with the plans to develop and implement BankSign. BankSign is the blockchain-powered ID verification system which will replace the old and inefficient verification system currently in place in retail domestic banks of the country. BankSign will not only be a very efficient and accurate security tool, but it will also digitize the mobile and online banking to a completely new level.
In Korea, the law mandated the Korean Banks to use 20-year old banking system which was public, extremely insecure, and inefficient along with being massively outdated. This year, the government of South Korea reconsidered its ‘Digital Signature Act’ and reversed the policy that mandated the banks to use this inefficient and insecure system. The banking sector of the country has already gotten into work to create a secure and efficient ID verification system. A Korean Federation of Banks spokesperson said in a statement that this blockchain-powered ID verification system is the first project to be co-developed by the local banking sector of the country.
It would be no surprise that the project is being built on a technology created by Samsung. Nexledger, an enterprise cloud computing platform developed by none other than the technology giant will be the foundation of this ID verification system. Samsung SDS was launched last year in April and in the same month, the company introduced the Nexsign biometric authentication system. Nexsign allows its users to access multiple services by a single ID authentication. Meaning that you don’t have to register your fingerprint for each different service. Instead, all the services will share one single ID registration of you to grant access.
Even though BankSign will be a completely separate project, the banking lobby of South Korea is very confident that it will yield good results especially after Samsung has experienced the same with its own biometric authentication system based on Nexledger. The tech giant deployed the Nexledger with its own Samsung Card, Samsung’s credit card company.
Along with the announcement of the release date of this project, it was also revealed that The Korean Federation of Banks had formed an association of its members that was created solely to research the blockchain technology and implement blockchain-powered solutions in the domestic banking arena of the country. The consortium was established in November of 2017 and according to KFB, the development of BankSign began right after the establishment of this association. According to the Korean Federation of Banks, the project is completed and a select number of banks started beta testing of the ID verification system in April.