Samsung Declares Launching Bank Blockchain Platform

August 30, 2018

Samsung SDS, a division at the prominent South Korean IT colossus, has claimed it finished developing new blockchain solution for BankSign banks. The process involved the Korea Federation of Banks (KFB).

According to the statements by the company, BankSign will provide fast and easy transaction method among various banking systems. Its customers will be able to execute related deals with any bank mobile application by getting authorized at only one of them. BankSign is also reported to store client data for 3 years.

The SDS vice president of financial matters Hong-Jun Yoo told:

“[This is] the first example of applying blockchain technology to banking services. [The company will be] further expanding its digital transformation business, which will enhance the competitiveness of banks and other financial institutions.”

The idea of BankSign was first mentioned in June this year. At that moment Samsung SDS claimed the new product to become an advanced version to another blockchain instrument released in 2017, Nexledger, a multi-purpose solution to automatize various processes for individual enterprises.

Note that earlier this year Samsung SDS released at least one more blockchain product, CelloSquare 3.0 with functionality focused on logistics management.

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