Samsung SDS to roll out blockchain platform to support banking transactions

Tuesday 28 August 2018 00:39 CET | News

Samsung SDS has teamed up with the Korea Federation of Banks to develop a blockchain-based certification platform for South Korean banks.

The new platform, called BankSign, aims to make interactions between different banks’ mobile systems seamless. Users can carry out transactions on different apps, but the system will require verification from only one app, using passwords, fingerprints or patterns for authentication.

The system’s security ensured by connecting banks’ systems into the data-sharing network, and the certification data within this network can remain valid for up to three years, according to the subsidiary’s representatives.

Samsung SDS was launched in 2015, and released its first business platform, Nexledger, in 2017. Later it announced a digital finance platform powered by blockchain technology and artificial intelligence, Nexfinance, which is designed to automate tracking and integrating financial records from different financial companies, getting product recommendations, claiming insurance and managing credit card loyalty points, The Korea Herald reported in June 2018.

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Keywords: Samsung SDS, blockchain, banking, platform, South Korea, data sharing, mobile app, verification, authentication
Countries: World