The Korea Federation of Banks (KFB) announced on Monday that it will launch BankSign, a blockchain identity verification system for commercial banks, in July. This will allow the Bank of Korea to improve a digital identity verification system that has been used for decades.
KFB was established in 1984 and its members are well-known commercial banks such as Shinhan and Woori. These commercial banks have also been exploring blockchain-based cross-border remittances. according toKorea JoongAng IlboKFB established a banking blockchain consortium with domestic financial institutions in November 2017, and has since begun exploring a new identity verification system, according to a report by the Xinhua News Agency.
In financial scenarios, user identity verification is indispensable, and user identity information leakage, theft, and complicated authentication procedures are common pain points in traditional identity verification systems. The combination of blockchain technology and identity verification provides a new direction for solving the pain points of traditional identity verification systems. After the identity information is stored on the chain, it cannot be tampered with; using smart contracts, users only need to authorize and scan to complete identity verification; point-to-point smart contracts can also provide users with privacy protection.
Previously, the South Korean government withdrew the Digital Signature Act, which required South Korean banking institutions to use a public certification system. After the restrictions are lifted, the banking industry can use it independently to carry out more streamlined services.
CCN reportsCCN reports, In April 2017, Samsung released the Nexsign biometric authentication solution, which allows customers to access multiple services through a single identity authentication. As early as October 2016, Samsung used Samsung Card to test its Nexledger block chain platform.
KFB said that BankSign is the first project jointly developed by the local banking industry using blockchain technology. BankSign will be available for both online and mobile banking, marking the first time a Korean commercial bank has made a blockchain application available to ordinary consumers.
(I am Mo Xinnan, the author of Odaily. I am exploring the real blockchain. If you are looking for reports, please add WeChat: 16601131135. Please note your name, company, and position.)
(I am Mo Xinnan, the author of Odaily. I am exploring the real blockchain. If you are looking for reports, please add WeChat: 16601131135. Please note your name, company, and position.)
