Blockchain Personal Authentication Service Released By SBI Savings Bank

Blockchain, Innovation, News | April 2, 2019 By:

South Korean blockchain firm ICONLOOP has announced that its blockchain technology has been integrated to SBI Savings Bank’s personal authentication service.

Based in Seoul, ICONLOOP specialized in the implementation and design of blockchain technology. The company aims to acquire both scalability and security in existing platforms and maximize the utility of blockchain technology with SCORE Smart Contract, LFT Algorithm, Tiered System, Multi Channel and Modular Architecture.

Established under the Mutual Savings Bank Act of South Korea, SBI Savings Bank engages in various businesses, including time deposits for individuals, consumer loans, real estate-backed loans for businesses and real estate project loans. Its principal customers include low-income and middle-income individuals, self-employed individuals and small and medium-size enterprises. The bank has been working with ICONLOOP since November 2018 to certify electronic documents, as well as to provide blockchain-based authentication services.

The bank’s personal authentication service, called SBI Simple Authentication, is said to be the first blockchain-based authentication service launched in the Korean savings bank industry. The service enables users to authenticate blockchain-based personal identification number (PIN) or fingerprints using the bank’s mobile smart banking app. It also allows users to log in and easily initiate transfers by using just a PIN or fingerprint without a public certificate, security card, or one-time password (OTP).

The new service is utilizing SCORE, a smart contract environment developed by ICONLOOP, to verify data integrity at the time of issuing a certificate. The companies said that they expect enhanced security through the utilization of blockchain technology.

“The new service based on ICONLOOP’s blockchain technology is a great opportunity to bolster our competitiveness in financial services, said Eunhwa Lee, Director of the Fintech task force at SBI Savings Bank. “By providing safer and more convenient services, SBI Savings Bank expects to offer new benefits to customers and create new market opportunities. We will introduce various technologies to lead the financial industry and maximize customer satisfaction.”

“Blockchain-based ‘SBI Simple Authentication’ has the opportunity to be a leading solution in financial markets to enhance both convenience and safety by applying blockchain to services that are actually being used.” said Jonghyup Kim, CEO of ICONLOOP. ”ICONLOOP will work closely with SBI Savings Bank to find synergies in various fields and provide differentiating solutions.”