South Korean Banking Group to Launch Blockchain-Powered ID Verification Platform
South Korea’s commercial banking group to launch blockchain-based user ID verification platform in July.
According the report, the Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be used in both online computer-based and mobile banking. According to Korea JoongAng Daily, the move is intended to replace the 20-year old public verification system that is reportedly notorious for its complexity and inefficiency.
Park Chang-ok, a manager at the department of deposit services and payment systems at KFB, explained that banks’ new blockchain application would offer a range of options to verify clients IDs, “not just the public certification system.”
According the report, development of the BankSign initiative was started immediately after the KFB launched a consortium exploring blockchain applications opportunities at the local banking sector in November 2017.
Last week, Samsung SDS announced the launch of its own enterprise blockchain platform Nexfinance aimed at finance-related businesses.