Several days ago it became known that the National Banking Group of South Korea will actively put into effect the identification system, built on the blockchain, into the sphere of internal profit-oriented banks during the upcoming few weeks.
The Korean Federation of Banks (KFB) made public the news that the innovative BankSign system is tentatively targeted to be started in July, when the period of tests, which has lasted from April 2018, will come up to its end.
BankSign is built at the vertex of the denationalized blockchain platform Nehleder, which was created by the division of corporate solutions of Samsung. The KFB also mentioned that the development provides local level banks with the opportunity to replace the identification system that they have employed in South Korea for several decades.
The KFB was established in 1984. It introduces South Korean profit-oriented banks, comprising such world-renowned ones as Woori and Shinhan. Moreover, these foundations are learning the transboundary transmissions structured on blockchain for business clients.
An innovative blockchain authentication maintenance will be provided for banking procedures conducted online and using the mobile devices. Moreover, this is one of the first aspirations to introduce the blockchain apps into profit-oriented banks in South Korea and make them approachable to all users.
Korea JoongAng Daily reports that in November 2017 the KFB has developed a banking blockchain agreement with the internal financial groups. After that, the research of an alternative identification system began.
The message also says that in April of this year, the beta-checking of the BankSign system took effect. This became possible after the administration of South Korea determinate that it would remove the mandate from the law that banks can employ the only conventional system. In turn, this gave banks the opportunity to enlarge their services, more adapted to the modern world.