Developed together with the Korean Federation of Banks, a brand new platform named ‘BankSign’ is alleged to create interactions between totally different banks and mobile systems seamless. Users will perform transactions on totally different apps, however the system would force verification from just one app employing passwords, fingerprints or patterns for authentication.
As per a local news source ‘Yonhap,’ Samsung representatives mentioned that the system’s is security ensured by connecting banks systems into the data-sharing network, and also the certification information inside this network that will stay valid for up to 3 years.
According to a press release, this security implemented is based on unchangeableness ledger blockchain technology. The statement further added:
“BankSign is the 1st application of the much-anticipated blockchain technology on banking services, the firm can still expand its digital transformation business, which is able to bolster aggressiveness of banks and monetary establishments.”
Samsung SDS was launched back in the year 2015, and later freed its 1st business platform ‘Nexledger’ in 2017. Later it proclaimed a digital finance platform hopped-up by blockchain technology and AI. However, Nexfinance, was developed to modify existing tracking and integration of financial records from totally different monetary firms, obtaining product recommendations, claiming insurance and managing mastercard loyalty points.