A new platform for the certification of interbank transactions based on cryptoactive technology was announced on Monday 27 August by Samsung SDS, an information technology subsidiary of the South Korean company. The project called BankSign was jointly developed by the Asian company and the Federation of Korean banks.
The signature system allows users to perform multiple transactions via mobile banking services and their different compatible applications. For this it offers various verification mechanisms, such as: authentication patterns, fingerprints or passwords, according to the Yonhap news agency in Seoul.
The systems of the local banks will be connected to the network for the exchange of data and in this way guarantee the safety of the activities of the general public. After the client has been entered, the digital certificates are valid for 3 years.
However, there are a few crucial questions regarding the use of cryptoactive technology in this project. First of all, the company does not state in which blockchain they are based for the development of this initiative. In addition, it is not clear if the solution is in the trial period or if it is already in use.
According to Samsung SDS representatives, South Korea's banking services will "strengthen their competitiveness" while benefiting from the functions of distributed accounting technology (DLT) that includes information synchronization and authentication on time. really at all banks.
Solutions based on the blockchain
Among the development areas of the projects covered by Samsung SDS, we can mention the cryptoactive technology, the internet of things (IoT), security on mobile devices and identity management. The division to offer blockchain solutions was created in 2015 and in 2017 they presented their first block-chain platform, known as Nexledger.
The announcement of Samsung SDS is a new signal given by banks wants to come closer to the technology behind the cryptocurrencies. However, this type of approach is carefully looked at in different sectors of the ecosystem because financial institutions are not regarded as prototypes such as Bitcoin, which want to eliminate the intervention of entities such as banks.
Featured image by: everythingpossible / stock.adobe.com