The Korean Federation of Banks has announced that it will be making use of a in-house blockchain based verification system to handle customer ID checks. Developed alongside the Samsung SDS corporation, the BankSign technology is ripe for release amid successful testing since April. The repeal of the Digital Signature Act has allowed banks to adopt blockchain technology to serve customers.
BankSign is the first project co-developed by the local banking sector utilizing blockchain technology. -KFB spokesperson
The blockchain verification platform is based on the Nexledger platform which was developed by Samsung. As one of the first products of the Samsung SDS arm, the Nexledger platform also included Nexsign technology which would make use of biometric data to further secure user credentials and access. The multi access system would also increase convenience without compromising on security. The biometric system developed by Samsung sadly will not be integrated into the BankSign which will launch in a matter of weeks.
The blockchain application will be modified from the traditional layout seen in crypto as there will be a central trust based entity. Despite not being decentralized, the new BankSign service will be a significant upgrade from its predecessor. Initially using the security systems outlined in the Digital Signature Act, identity checks and verification procedures often took considerable time and money. The BankSign technology aims to help integrate mobile and online banking services within one solution to keep up with technology developments.
To conclude, the KFB will be rolling out the blockchain ID verification platform from July. The upgrade entails faster processing times as well as enhanced security and transparency as the blockchain platform remains the premium trust based model.
