South Korean Banks have stepped up to upgrade their banking system with blockchain technology. A group of commercialized banks is planning to launch blockchain-powered client ID authentication. The official platform is likely to be launched next month. However, no dates have been unveiled so far.
According to Coin Telegraph, KFB also known has Korean Federation Banks will be launching a new verification system for both mobile and internet banking system. The upgraded system BankSign identity will swap the 20-year-old public authentication system. The older system is worn out and has been inefficient in handling security and complexity of the financial system.
BankSign was greenlit without more ado after Korean Federation Banks initiated a consortium in November last year. The core idea of the association was to discover applications of blockchain technology in the banking sector.
KFB manager at deposit services and payment systems favored the upgraded blockchain initiative. He further mentioned that it will be able to give a wide variety of option client verification and not unlike the simple certification cross check.
Banksign will reply on the platform of Nexledger. It is a private enterprise business administration tool. The system was developed by one of the Samsung’s subsidiaries, Samsung SDS. In a recent update, Samsung SDS announced the launching of its blockchain technology-based platform Nexfinance. It is based on the areas of finance-related businesses.
What Is Blockchain Technology?
It is a constantly increasing list of records in the form of blocks. The data is secured in the form of links using cryptography. The most important highlight of this technology is that it is resistant to all kinds of modification. However, it can be altered but it requires the consensus of the complex majority. That is what makes it highly secured and complex to hacking. The idea of developing this technology was to provide efficient transaction ledger of the cryptocurrency like bitcoin.
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