Korea-based banks to integrate blockchain verification system

Posted 12 June, 2018

The Korea Federation of Banks (KFB) is said to the express intentions to implement bockchain-based ID verification system for local banks just within a few weeks. 

The new system will be called BankSign and is planned for the launch this July after the trials started in April, as stated KFB statement.

According to the news reports, the verification system will be based on Nexledger blockchain. This blockchain was developed by Samsung corporate solutions department. With the BankSign local banks will have an opportunity to replace the outdated identification methods. 

"The new blockchain ID service, which will be available for both online and mobile, marking one of the first efforts by commercial banks in South Korea to make blockchain applications available for general consumers," reported CoinDestk citing KFB.

The authority started beta trials in April, following the order for the banks to abandon traditional ID verification procedure. For reference, the alternative authentification exploration started in late 2017 driven by the establishment of banking blockchain consortium within KFB.

As it was reported earlier, South Korea's Supreme Court determined that cryptocurrency could be considered as a property with possible seizure under the criminal proceeding.

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