Samsung Launches Blockchain-backed Banking Platform

Following the news of Alibaba’s new blockchain service, Samsung SDS unveiled on August 27, 2018, a blockchain certification service that allows users to manage transactions with multiple banks seamlessly.

The service, called BanksSign, was made in conjunction with the Korea Federation of banks and will be available to mobile users.

What it Does

The purpose of the service is to simplify the way users make use of various banks’ platforms. The service will allow users to make transactions on multiple bank platforms while only needing to verify their identity on one of the platforms. The various methods of identification offered include fingerprint, password, and patterns.

This service is unique in that the blockchain technology used helps to combat forgeries and hacks into the platforms. The security of the service is ensured by connecting the banks’ systems to the blockchain platform, making the use of both seamless and secure.

Alternative Uses for Blockchain

When most people think of Blockchain technology, they think of cryptocurrency trading.

However, these sorts of developments show that there is a varied possibility of use for blockchain beyond cryptocurrency and that it can be applied in the mainstream world as well.

Samsung realized this and three years ago, developed a unit of the company dedicated to blockchain technology. BankSign is one of the products developed by this unit and is a win-win for both Samsung and the banks.

Samsung SDS stated that BankSign is the first application of the blockchain technology in the vast field of banking services. He added,

  “The company will continue to expand its digital transformation business, which will bolster the competitiveness of banks and financial institutions.” 

Creating Trust

One of the biggest issues facing cryptocurrency and blockchain technology is a lack of trust from some of the general public towards it.

The involvement of a company as big as Samsung in blockchain tech is a vote of confidence in the public eye. This is also boosted by the fact that the Korean Government has backed this technology through the collaboration with the Korean Federation of Banks.

Also, the use of blockchain technology in the mainstream financial sector and by real-life banks for security will help to cool suspicions of blockchain being unsecured.

Helping Users

This new service not only cools serious suspicions on the security of blockchain technology but also helps users in that it will help in upping the security around their online banking.