Samsung Set to Simplify Transactions between Various Banking Systems Using Blockchain

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by Julia Sakovich · 3 min read
Samsung Set to Simplify Transactions between Various Banking Systems Using Blockchain
Photo: RHiNO NEAL / Flickr

Samsung SDS Co. has presented its blockchain-based platform called BankSign that will facilitate transactions at different banks.

Samsung SDS, a subsidiary of South Korea’s tech conglomerate Samsung, that provides IT solutions, has offered a new blockchain-based solution to streamline banking transactions for the wide audience.

A new platform called BankSign was developed by Samsung SDS in collaboration with the Korea Federation of Banks. The main goal of the platform is to offer a feasible and simple method for transactions within different banking systems.

This facilitation will be achieved through requiring certification from only one bank and possibility to verify certification on the platform with usage of passwords, fingerprints, or patterns.

As it has been revealed by the company, BankSign will let customers acquire a certification only once and it will be valid for up to three years. Without any doubts such a system will be much more convenient than the 20-year old existing certificate system, in the framework of which it’s necessary to renew your registration annually going through procedures of registration and authentication with each individual bank.

As a result, users will get an opportunity to conduct transactions on different apps needing to pass verification only on one of them. According to Samsung representatives, the security of the system is ensured thanks to connection of banks’ systems into the data-sharing network and a high level of security is supported by the inherent immutability of blockchain.

The official announcement stated:

“BankSign is the first application of the much-anticipated blockchain technology on banking services … The company will continue to expand its digital transformation business, which will bolster competitiveness of banks and financial institutions.”

First information about BankSign was revealed by the Korea Federation of Banks in June. At that time, it was informed that BankSign would be launched on the base of Nexledger that is a transaction management tool created by Samsung SDS.

This year, Samsung SDS has already introduced a range of blockchain-based products, including CelloSquare 3.0 that is a blockchain solution for the global logistics field.

Moreover, Samsung SDS has launched a platform Nexfinance powered by blockchain technology and artificial intelligence. The platform is aimed at automatization of tracking and integrating financial records from different financial companies, receiving product recommendations, requiring insurance and controlling credit card loyalty points.

In general, Samsung just like many other tech giants has become extremely loyal to blockchain technology in general and cryptocurrencies in particular. In July, it became known that Samsung stores in the Baltic States would start accepting payments in seven different cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH), NEM (XEM), and Steem (STEEM).

But it was far not the first interaction of Samsung with the cutting-edge technologies. Earlier, the company has already started using the blockchain technology to manage its global shipments.

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