- Blockchain-based “SBI simple authentication app” is the all new open to public application that further enhances banking security by utilizing the blockchain
- The application stores the certificates issued by customers for verification purposes on the blockchain network and is verified by SCORE
- Both the companies have been collaborating since November 2018
ICONLOOP, a tech company behind the popular cryptocurrency ICON, announced on April 1, 2019, that it’s going live with its blockchain-powered personal authentication service for SBI, a South Korea based savings bank. This is done in efforts to further increase security by utilizing blockchain technology.
Blockchain to Ensure Top-Notch Security
Working with the ICONLOOP Foundation, the Korean banking giant has created a mobile smart app that will be used by the customers for personal authentication.
There are a few options available as well. They can either use the old school personal identification number (PIN) or their fingerprints. “SBI simple authenticator” is what the company likes to call their brand new application. This new system enhanced by blockchain technology allows users to log in and initiate various secured banking features using just their PIN or biometric data without using any public certificate, security card, or even one-time password (OTP).
The endeavor is achieved by storing all private data of every user using the SBI authentication app, on the blockchain. The authenticity of the data is verified by “SCORE,” a smart contract environment developed by the ICONLOOP Foundation.
This new application succeeds in making the online environment safe by utilizing the private and public key structure while also being compatible with all the existing certificate standards and following FIDO standards to support biometric authentication.
Users who have not registered PIN or fingerprint authentication will be prompted by the application after logging in. The user interface is specifically built to resemble the same UI as of before so the customers can utilize the enhanced level of security without having any prior knowledge of blockchain technology. This, in return, will make it impossible to falsify information or misuse certificates while increasing customer satisfaction as well because users don’t need any third-party security plugins.
Officials High on the Partnership
SBI savings bank employees are currently uploading files from SBI groupware boxes such as draft documents and various official notices in the blockchain-based document certification system. This system ensures the safety of these files when being browsed or downloaded. In the long run, the time stamping feature running on the ICONLOOP blockchain will severely cut down costs by replacing areas still using public certificates with blockchain technology.
Talking about the new application, the CEO of ICONLOOP, Jonghyup Kim said:
“Blockchain-based ‘SBI Simple Authentication’ has the opportunity to be a leading solution in financial markets to enhance both convenience and safety by applying blockchain services that are actually being used.”
“ICONLOOP will work closely with SBI saving bank to find synergies in various fields to provide differentiating solutions.”
The director of Fintech task force at SBI savings bank, Eunhwa Lee applauded this new partnership saying:
“The new service based on ICONLOOP’s blockchain technology is a great opportunity to bolster our competitiveness in financial services. By providing safer and more convenient services, SBI saving bank expects to offer new market opportunities. We will introduce various technologies to lead financial industry and maximize customer satisfaction.”