BankSign: Samsung SDS announces blockchain-based co-verification platform for banks

Samsung SDS, an IT subsidiary of South Korean tech giant Samsung Group, has developed a blockchain-based certification system, Yonhap News Agency reported.

Dubbed “BankSign,” the platform has been set up in collaboration with the Korea Federation of Banks. The co-authentication service will allow users to use mobile banking systems of different banks while requiring certification from only one of them.

“[BankSign] makes it easy to access banking services from multiple banks at once. The authentication method has also been improved with convenience passwords, fingerprints, and patterns,” Samsung SDS said (loosely translated), adding that the platform will help prevent forgery.

The company further said that blockchain technology has increased the security by encrypting communication segments and double-encrypting data and networks.

“This enhanced security has increased the validity period of the joint certificate from one year to three years,” it added.

Samsung SDS launched a division focused on blockchain development back in 2015. Last year, it announced " Nexledger," a blockchain platform that is developed for industries and corporations and will begin its full-fledged initiatives to tap the blockchain industry. More recently, it announced a blockchain and artificial intelligence (AI)-based financial platform, Nexfinance.

"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.”