Samsung has revealed its newest subsidiary division BankSign, dedicated to providing easier access to banking services for their clients.
Talks between Samsung’s BankSign and Bank’s Representatives
The financial sector is always looking for new, innovative solutions that would propel their financial results. Thus, Samsung brought up a project called BankSign in cooperation with the Korea Federation of Banks (KFB) in June 2018. The idea is to provide an easier pathway for verification of transactions within online and mobile banking spheres of operations. Using one bank’s certification, clients can make transactions in any other banking organization that is part of the system. The said verification is possible through developed blockchain network, which is the foundation of BankSign system.
The main point of the deal is the ability of the blockchain solutions to keep all transactions intact, without alterations or forgeries. The decentralized network would provide equal access to all banks that are part of the system. This way all involved parties would be sure in the fairness of the concept. Thus, certification of clients would be based on the previous relationship with the bank that is part of the network, verifying their identity and historical data. The BankSign’s concept is not new, as its start was in 2015 when Samsung dedicated a division for its development. The project, upon its release, was dubbed as the very first case of blockchain implementation within the mainstream financial sectors.
The partnership between tech giant Samsung and Korean banks comes as a part of the wave within the banking industry globally. Swiss banks have already announced their plans in implementing in-house blockchain solutions, while World Bank created and released the very first bond based entirely on the blockchain. The partnership will surely propel the crypto industry, especially since S. Korea is one of the top markets in terms of value and volume traded on daily basis.