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The First Blockchain Solution for Korean Banks

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Blockchain technology is making big waves in South Korea thanks to Samsung.

Samsung SDS developed a blockchain based certification platform for South Korean banks called BankSign

BankSign will offer banks an option to replace the existing, antiquated ID verification system.  The new system will allow users to make transactions on mobile apps after verification with a fingerprint, a pattern or password in a transaction.

In addition, the certification data within this network can remain valid up to a period of three years.

Better yet, security of the BankSign platform is strengthened by the inherent immutability of the network.

In fact, the technology has increased security by encrypting communication segments and by double-encryption of data and networks.

“BankSign is the first application of the much-anticipated technology on banking services … The company will continue to expand its digital transformation business, which will bolster competitiveness of banks and financial institutions.”

Samsung SDS unveils Nexfinance

Additionally, Samsung SDS launched its enterprise platform called Nexfinance.

This innovative platform deploying cutting-edge technologies will transform the way business run their online finances. More than just blockchain, this platform will incorporate further advanced technologies like artificial intelligence, process automation and all.

Best of all, these reaffirm Samsung’s craving to be a major player in the blockchain arena.

Samsung further consolidated its crypto ambitions by creating ASIC chip hardware for  Halong Mining, a new Chinese miner.

South Korea Budgeting $4.4 billion to Blockchain and AI

For 2019, the country earmarked $4.4 billion towards its “Growth through Innovation” program that focuses on blockchain and artificial intelligence.

As quoted by the Korea Jonngang Daily, the provincial governor, Won Hee-ryong noted:

“Blockchain can cut costs, provide stable transactions and essentially has the potential to become a game changer that could alter the ecosystem of the internet platform industry,” Won said. “For Korea to become a leader rather than a consumer of this new global industry, we need to quickly allow [the operation of] blockchain and cryptocurrency [firms].”

 

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