Korean banks will use the blockchain to identify customers

The group of banks of South Korea within a few weeks plans to introduce a system of identification on the basis of the blockchain to local financial institutions.

According to the notice published on Monday by the Korea Federation of banks (KFB), a new system called BankSign will be launched in July this year after testing began in April.

System BankSign built on top of a closed blockchain platform Nexledger, developed by a division of Samsung enterprise solutions, offers local banks the opportunity to replace the existing system of identification of customers that exist in South Korea for decades, said KFB.

The Korean Federation of banks was established in 1984 and represents the interests of commercial banks in South Korea. Among its members – banks, Shinhan and Woori – organizations that are exploring the use of the system of international payments based on blockchain for corporate clients.

The new service verification on the basis of the blockchain, which will be available for both online and mobile banking according KFB – one of the first attempts of commercial banks in South Korea to make applications based on the blockchain available for consumers.

According to Korea JoongAng Daily, November 2017 KFB formed blockchain-a consortium of local banks, and then began the study of alternative systems of identification. The report also notes that the beta testing BankSign began in April after the South Korean government lifted the ban on the use of banks non-traditional systems, with the result that the banking industry was able to begin the study of modern services.

System identification in the blockchain are being studied by many companies and organizations. In April it became known that global payment operator Mastercard is going to patent
the technology of the blockchain for identity protection. In addition, KFB similar efforts made in the past year, and Japanese banks, which in October announced
about plans on creation of system of identification on the blockchain.

In addition, in June last year, the consulting company Accenture and the largest manufacturer of Microsoft developed
the program ID2020 on the basis of the blockchain and the cloud platform Azure to provide legal identification 1.1 billion people around the world.

 

 

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