Korean Federation Of Banks (KFB) Using Blockchain To Verify Customers ID

South Korean state banking group is launching a blockchain-based ID verification system for the country’s industrial banks.

According to the reports Korea Federation of Banks (KFB) opened the new system, named BankSign, which is planned to launch in July. The system underwent a testing period beginning in April, after the government removed its order regarding the fact that banks must keep with the usual verification system.

Constructed on the basis of  Nexledger which is a private blockchain platform created by Samsung’s enterprise solution division, BankSign will suggest regional banks an opportunity to change the existing ID verification system that has been operating for decades in South Korea.

Established in 1984, the KFB introduces business banks in South Korea, with considerable representatives and members among them Shinhan and Woori banks, establishments that have also been analyzing blockchain-based, cross-border transfers for business customers.

The modern blockchain ID service – which KFB says will be affordable for both online and mobile banking – notes one of the first attempts by South Korean business banks to make blockchain applications accessible for global users.

A lot of financial establishments have been considering to blockchain to verify and protect identity. Mastercard, for instance, has registered for more than 35 patents in blockchain innovation technology. A year ago, the firm declared that it would be starting access to its blockchain technology through its developer’s API. Then in April, it was stated that it had registered a patent that shows it might use blockchain as a way to defend identity data.

The application program, which was inicially regfistered in September 2017 and was allocated  by the U.S. Patent and Trademark Office last week, explains how a semi-private or private blockchain could be applied to get and keep identity data, including a “name, a street address, tax identification number” and more.

 

 

 

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