The IT arm of tech giant Samsung, revealed that the certification system is as a joint project with Korea’s Federation of banks (KFB). The new project aims to create a universal certification platform for all the banks in South Korea. Hence certified users of a bank in South Korea can have access to all other banks for mobile banking services.
The new system will be a replacement to the country’s current tedious certificate system. The statement explained that unlike the current system that requires users to annually apply and enroll for authentication with individual banks. However, the new system is valid for three years and requires an authentication from just one bank.
Samsung SDS stated that the certification process has been bolstered by adding options for password, patterns, and fingerprints for user’s verification. Hence, the platform will put an end to forgery. In addition, the company revealed that the underlying blockchain technology of the system introduced the possibility of double-encrypting networks, communication segments, and data.
Hong-Jun Yoo who is the Vice President of Finance Business at Samsung SDS claimed that the new certification tool is the first time blockchain technology will be utilized for banking services. Yoo reveals that there are plans by the company to expand its innovative contributions to the banking industry. However in order to encourage positive competition between financial organizations.
The Rise of Blockchain Technology
There has been skepticism about cryptocurrencies, however, its underlying blockchain technology has been accepted and adopted by many industries. The technology which had once been under criticism by analysts is becoming the bedrock of many new innovative systems. Recently, one such blockchain critic had recently publicly embraced the technology and even plans on investing in it.
Samsung SDS vice president of financial business Yoo Hong-jun says:
“Samsung SDS is planning to launch its digital finance business through Nexfinance, a digital financial platform that combines proven technology and new technology.”
Samsung SDS continues to be one of the major companies utilizing the blockchain tech. Earlier this year the company launched blockchain-based finance platform called Nexfinace. In June it launched another blockchain-based platform called CelloSquare 3.0.