Samsung SDS, a subsidiary of South Korea’s largest IT company, has announced that it has created a banking certification platform called ‘BankSign’ based on blockchain technology.
The platform will greatly enhance the streamlining process of carrying out inter-bank transactions. BankSign has been developed with the cooperation of the Korea Federation of Banks, which will enable its users to conduct transactions across various banking mobile systems.
The prominent feature of the platform is that it requires only single certification among all the banking systems, which will greatly reduce processing times and complexity. Moreover, there are multiple ways to make the certification which includes fingerprints, passwords and patterns.
SDS says that fool-proof security is ensured by connecting this data-sharing network and bank’s systems. This sharing process will prolong the validity of the certification for up to three years. Overall, unchecked alterations and forgeries are nearly impossible to make with the deployment of blockchain technology. According to a Samsung SDS spokesperson:
”BankSign will be the first banking services application designed on the well-known blockchain technology. The company will keep striving to expand the digitization of its businesses which will promote competition between financial and banking institutions”
SDS was established in 1985 to act as the information technology arm of the Samsung. It provides technical services, IT education, IT consultancy and various types of outsourcing services. SDS is continuously expanding its business by investing heavily in modern technologies like the blockchain, artificial intelligence (AI) and the internet-of-things (IoT).
SDS operates Korea’s largest IT education institute and requires all its employees to dedicate 10% of their individual working hours to education. Last year, SDS launched its blockchain-powered business platform called Nexledger which was designed to achieve cost-efficient management of data exchange and financial transactions between different corporations.
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