Korean Banks to Start Using Blockchain Authentication in July

June 12, 2018


A national banking group in South Korea is to roll out a blockchain-based ID verification system for domestic commercial banks in just weeks.
According to a notice revealed on Monday by the Korea Federation of Banks (KFB), the new system – dubbed BankSign – is scheduled to be launched in July following a testing phase that began in April of this year.
Built on top of Nexledger, a private blockchain platform developed by Samsung’s enterprise solution division, BankSign will offer local banks an option to replace the existing ID verification system that has been in place for decades in South Korea, the KFB said.

I know Samsung Group is a huge company, but I wonder why Samsung Pass is using theloop’s CHAIN ID instead of an authentication solution built on Samsung SDS’ Nexledger. Since a number of firms in Korea have already been using CHAIN ID for authentication, I wonder if we’ll see cross-chain communication between Nexledger and CHAIN ID via ICON.


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