{"id":1295,"date":"2018-07-09T11:25:08","date_gmt":"2018-07-09T10:25:08","guid":{"rendered":"http:\/\/www.wasteyourtime.co\/?p=1295"},"modified":"2020-07-09T10:34:36","modified_gmt":"2020-07-09T09:34:36","slug":"banks-in-korea-use-blockchain","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/07\/banks-in-korea-use-blockchain\/","title":{"rendered":"Banks in Korea to Use Samsung SDS Blockchain to Verify Customer IDs"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1296 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/korea-e1531131094655.jpg\" alt=\"South Korea\u2019s commercial banks will launch a customer ID verification powered by blockchain technology\" width=\"600\" height=\"407\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/korea-e1531131094655.jpg 600w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/korea-e1531131094655-300x204.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/korea-e1531131094655-370x251.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/korea-e1531131094655-213x144.jpg 213w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/korea-e1531131094655-426x288.jpg 426w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2018\/07\/korea-e1531131094655-424x288.jpg 424w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">A national banking group representing<\/span><b><i> South Korea\u2019<\/i><\/b><span style=\"font-weight: 400;\">s commercial banks will launch a customer ID verification powered by blockchain technology this month, as per the reports on June 12.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">The Korea Federation of Banks <\/span><\/i><span style=\"font-weight: 400;\">(KFB) will launch their \u201c<\/span><b>BankSign<\/b><span style=\"font-weight: 400;\">\u201d identity verification system to be made use of in both online computer-based and mobile banking, according to media reports.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Development of the <\/span><b>BankSign<\/b><span style=\"font-weight: 400;\"> plan was started straight away after the KFB launched a consortium discovering blockchain applications opportunities at the local banking sector in November 2017.<\/span><\/p>\n<p><strong>A KFB spokesperson added:<\/strong><br \/>\n<span style=\"font-weight: 400;\">&#8221;BankSign is the first project co-developed by the local banking sector utilizing blockchain technology&#8221;<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/banks-in-korea-use-blockchain\/#Banks_in_Korea_and_blockchain\" >Banks in Korea and blockchain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/07\/banks-in-korea-use-blockchain\/#Implementation_of_blockchain\" >Implementation of blockchain<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Banks_in_Korea_and_blockchain\"><\/span>Banks in Korea and blockchain<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Banks in Korea were forced to use a 20-year-old public banking security system that is inefficient and outdated. The government reversed it is <\/span><i><span style=\"font-weight: 400;\">Digital Signature Act<\/span><\/i><span style=\"font-weight: 400;\">\u2019 policy wherein domestic institutions were mandated to use the <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-2\/\">public certification system<\/a>.<\/span><\/p>\n<p>BankSign platform is built on Nexledger, a private enterprise cloud computing platform developed by Samsung\u2019s subsidiary, Samsung SDS, the IT subsidiary of South Korea\u2019s biggest conglomerate.<\/p>\n<p><span style=\"font-weight: 400;\">As reported by CCN at the time, Samsung SDS was launched in April 2017. At the same time, it was launched Nexsign, a biometric authentication solution also developed by Samsung. Nexsign enables customers to gain access to a huge number of services using a single ID authentication.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Samsung has already tested its Nexledger <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/money-and-blockchain\/\">blockchain<\/a> with Samsung Card, the conglomerate\u2019s credit card company, as early as October 2016, but this is unrelated to KFB\u2019s BankSign.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the first part of June, Samsung SDS announced the launch of its own enterprise blockchain platform Nexfinance aimed at finance-related businesses.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Implementation_of_blockchain\"><\/span>Implementation of blockchain<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">On June, has been revealed that the KFB established a consortium of its member to research and implement blockchain technology in the domestic banking sector in November 2017. Development of BankSign took off immediately, the KFB said, before select member banks began beta testing the system in April this year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The banks\u2019 new blockchain application would offer a variety of options to confirm clients&#8217; IDs and \u201cnot just the public certification system\u201d, said Park Chang-ok, a manager at the department of deposit services and payment systems at KFB.<\/span><\/p>\n<p>Furthermore, the KFB said BankSign will find other applications within government and other public organizations after taking off in the banking sector with an official launch that is only weeks, maybe days away.<\/p>\n<p><span style=\"font-weight: 400;\">In the beginning, the BankSign platform will be used only in the banking sector. However, the KFB, banks in Korea are planning to co-operate also with the Korean government and other public organizations in order to broaden the scope of the project, according to the KFB spokesperson, Korea JoongAng Daily wrote.<\/span><\/p>\n<p>You would be interested: Crypto is at Risk In Korea!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A national banking group representing South Korea\u2019s commercial banks will launch a customer ID verification powered by blockchain technology this month, as per the reports on June 12. The Korea Federation of Banks (KFB) will launch their \u201cBankSign\u201d identity verification system to be made use of in both online computer-based and mobile banking, according to [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":11395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1004],"tags":[145,17,109,102,146],"class_list":["post-1295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-financial-news","tag-banks","tag-blockchain","tag-cryptocurrencies","tag-korea","tag-korean-banks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banks in Korea to Use Advanced ID System - Bank 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