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Samsung’s new tech further blurs the line between banks and blockchain

Banks are becoming the primary benefactors of distributed ledger tech

A subsidiary of Samsung announced it has developed a new blockchain solution to streamline banking transactions for the general public.

Samsung SDS, a division of the electronics giant that provides IT solutions, has created a blockchain-powered signature system for the Korea Federation of Banks (KFB). With it, users will be able to send transactions using any supported mobile app after verifying their identitiy just once.

Once signed, it is claimed that digital certificates will be valid for up to three years. It was also noted that transactions can be signed using either a password, pattern, or fingerprint.

“BankSign is the first application of the much-anticipated blockchain technology on banking services,” a Samsung SDS spokesperson told Yonhap News.

Launched last year, Samsung introduced SDS with the goal of showing the South Korean financial industry the benefits of distributed ledger tech (DLT).

Previously, the subsidiary launched a digital finance platform, called Nexfinance. It’s set to be powered by artificial intelligence (AI) and blockchain technology.

It should be noted that this appears to have been developed separately to Nexfinance and its related Nexledger business-to-business platform, which has its own identity verification system, Nexsign.

Published August 27, 2018 — 16:14 UTC