|Jun 12, 2018 03:49 PM||By: John Patrick Mullin | 5902 Views|
A national banking organization in South Korea is to work out a blockchain-based ID verification method for domestic commercial banks in only weeks.
According to a notice announced on Monday by the Korea Federation of Banks (KFB), the fresh system – dubbed BankSign – is enrolled to be started in July following a testing period that began in April of this year.
Built on top of Nexledger, a private blockchain platform developed by Samsung's enterprise solution division, BankSign will allow local banks an option to repair the existing ID verification system that has been in place for decades in South Korea, the KFB announced.
Founded in 1984, the KFB serves commercial banks in South Korea, with famous members including Shinhan and Woori banks – institutions that have also been investigating blockchain-based cross-border payments for business customers.
The current blockchain ID service, which will be ready for both online and mobile banking according to the KFB, marks one of the 1st efforts by commercial banks in South Korea to make blockchain applications prepared for worldwide consumers.
According to Korea JoongAng Daily, the KFB has established a banking blockchain consortium with domestic financial institutions in November 2017, following which the exploration of an alternative authentication system had previously begun.
The statement added the beta testing of BankSign commenced in April after the South Korean government had raised its mandate that banks must use the traditional system, enabling the banking industry freedom to choose further streamlined services.