Developedtogetherwith theKoreanFederation of Banks,a brand newplatformnamed ‘BankSign’is allegedto createinteractions betweentotally differentbanks and mobile systems seamless. Userswill performtransactions ontotally differentapps,howeverthe systemwould forceverification fromjust one app employingpasswords, fingerprints or patterns for authentication.
As per a local news source ‘Yonhap,’ Samsung representativesmentionedthat the system’s is security ensured by connecting banks systems into the data-sharing network,and also thecertificationinformationinsidethis network thatwillstayvalid for upto 3years.
According toa press release, this security implemented is based onunchangeablenessledger blockchain technology. The statement further added:
“BankSignis the1stapplication of the much-anticipated blockchain technology on banking services,the firmcanstillexpand its digital transformation business,which is able tobolsteraggressivenessof banks andmonetaryestablishments.”
Samsung SDS was launched back in the year 2015, and later freedits1stbusiness platform ‘Nexledger’ in 2017. Later itproclaimed a digital finance platformhopped-upby blockchain technology andAI. However, Nexfinance, was developed tomodify existing trackingandintegrationof financial records fromtotally differentmonetaryfirms,obtainingproduct recommendations, claiming insurance and managingmastercardloyalty points.