Samsung SDS, a subsidiary of tech goliath Samsung, has created BankSign, a blockchain-based certification tool for banks.
The development by Samsung SDS is a joint undertaking with the Korea Federation of Banks (KFB).
BankSign intends to give a simple transaction process inside different banking systems by requiring certification from just a single bank. Certification can be verified on the platform utilizing passwords, fingerprints, or patterns.
According to a statement, this security is bolstered by the inherent immutability of blockchain. The statement added:
“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 the competitiveness of banks and financial institutions.”