Blockchain Certification Platform Announced By Samsung SDS

Samsung SDS, the Internet technology solutions unit of Samsung Group, has developed a blockchain certification platform designed to make it easier for people to carry out transactions among different banks.

The blockchain certification platform, dubbed BankSign, was developed in collaboration with the Korea Federation of Banks. It will allow users to use mobile banking systems of different banks while requiring certification from only one of them. The certification can be made using various methods, including password, fingerprints, and patterns.

“BankSign is the first application of the much-anticipated blockchain technology on banking services,” Samsung SDS said. “BankSign prevents the forgery of the certificate through the distributed agreement, which is a characteristic of the blockchain, and the synchronization of real-time authentication information between banks. In addition to security, the blockchain has increased 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.”

In 2015, Samsung SDS launched a division devoted to the development of the blockchain technology, and showcased its first blockchain platform, Nexledger, in 2017. More recently, it announced a digital finance platform powered by blockchain technology and artificial intelligence (AI). Called Nexfinance, the platform aims to enhance the competitiveness of the digital financial services provided by financial institutions.

“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.”