A South Korean commercial banks group will initiate a blockchain-powered customer ID verification platform in July 2018, as per the reports on June 12.

Reportedly, the Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be made use of in both online computer-based and mobile banking.
According to the report, development of the BankSign plan was started straight away after the KFB launched a consortium discovering blockchain applications opportunities at the local banking sector in November 2017.

It is to be noted that he BankSign platform is built on Nexledger, a private enterprise transaction management tool developed by Samsung’s subsidiary, Samsung SDS.
Samsung SDS was launched in April 2017 together with the launch of Design, a biometric authentication solution also developed by Samsung that facilitates customers to get access to a huge number of services using a single ID authentication. While this is not linked to KFB’s BankSign, Samsung has previously also tested its Nexledger blockchain with Samsung Card, the conglomerate’s credit card company, as early as October 2016.

Last week, Samsung SDS announced the launch of its own enterprise blockchain platform Nexfinance aimed at finance-related businesses.

According to the reports, the move is anticipated to transform the 20-year old public verification system that has been reported to be notorious for its complication and incompetence.

The banks’ new blockchain application would offer a variety of options to confirm clients IDs and “not just the public certification system”, said Park Chang-ok, a manager at the department of deposit services and payment systems at KFB.