Samsung is going to simplify and centralize banking authentication using blockchain.
Samsung SDS, the Information Technology (IT) subsidiary of South Korean company Samsung, announced the development of a blockchain-based certification system that allows customers to transact with different banks.
Yonhap News reports that Samsung SDS created the shared banking platform, known as BankSign, together with the Korea Federation of Banks in order to make it easier for people to perform financial transactions.
Users can make transactions through multiple banks’ mobile platforms via a singular certification process. Verification can be made using either fingerprint, password or pattern. The implementation of blockchain technology means there is an added level of security to combat issues such as forgery and falsification.
Banks systems and data-sharing networks are linked to provide enhanced safeguarding, according to Samsung SDS. The company added that user certification can remain valid for up to three years.
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