Korean banks to roll-out Samsung blockchain system

South Korean banks are to implement Samsung’s blockchain-based customer ID verification offering on both online and mobile banking services by July, local media reports.

BankSign, to be launched by the Korea Federation of Banks (KFB), will replace a 20-year old security system, which has been deemed obsolete.

“BankSign is the first project co-developed by the local banking sector utilising blockchain technology. The blockchain platform is notably built on top of Nexledger, a private enterprise cloud computing platform developed by Samsung SDS – the IT subsidiary of South Korea’s biggest conglomerate, Samsung,” says a KFB official.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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