Korean Banks Can Use Blockchain to Verify Customers IDs from July

Reports from the Korea Federation of Banks (KFB) stated on Monday that a national banking group situated in South Korea is about to launch a blockchain-based ID verification system called BankSign – for domestic commercial banks following a testing phase that began in April of this year.

This system, which is built using Nexledger, a private blockchain stage created by Samsung’s enterprise solution division, BankSign will offer local banks a choice to supplant the current ID confirmation framework that has been set up for quite a long time in South Korea, the KFB said.

Established in 1984, the KFB speaks to business banks in South Korea, with remarkable individuals including Shinhan and Woori banks – foundations that have likewise been investigating blockchain-based cross-fringe settlements for business clients.

The new blockchain ID benefit, which will be accessible for both on the web and versatile saving money as per the KFB, marks one of the main endeavors by business banks in South Korea to make blockchain applications accessible for general purchasers.

According to Korea JoongAng Daily, the KFB has shaped a managing an account blockchain consortium with local money related organizations in November 2017, after which the investigation of an elective validation framework had just started.

The report included the beta testing of BankSign began in April after the South Korean government had lifted its command that banks must utilize the customary framework, permitting the managing an account industry opportunity to receive more streamlined administrations.