Korean Banks To Start ID Verification Through Blockchain

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Korean Banks

Korea continues to show their strong support for blockchain.

If there’s one country that shows continued support for blockchain, that’d be Korea. The massive trust that blockchain is getting from Koreans is truly incredible that even banks are integrating blockchain into their systems already. Businessmen and huge companies such as LG are already in the power of blockchain.

Today, Korean banks revealed that they would start using Samsung SDS Blockchain to verify customer IDs in July.

Korea JoongAng Daily reported that the Korea Federation of Banks (KFB) will officially launch the long-awaited “BankSign.” Korea Federation of Banks (KFB) represents major commercial banks in Korea. Through BankSign— a blockchain-based identity verification platform, this allows domestic retail banks to improve a decades-old verification system with digitization in both online and mobile banking.

Built on top of a private blockchain platform that was developed by Samsung’s enterprise solution division called Nexledger, BankSign gives Korean banks the option to improve their existing ID verification system through the power of blockchain technology and replace their old system which they have been using for decades.

A KFB spokesperson added:

BankSign is the first project co-developed by the local banking sector utilizing blockchain technology.

After the trial period for BankSign which started last April when the South Korean government decided to abolish the mandatory use of the traditional system that the banks have been using for decades. This opened an opportunity for the banking industry to explore more advanced methods which are expected to make the system even more secure, convenient, and reliable.

Indeed, Korea is one of the homes of innovation. Due to the expected launching of BankSign, it is expected the blockchain industry in South Korea will soon even become more interesting and will catch the attention of businessmen, even government, from other countries.

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