Samsung SDS, a subsidiary of the South Korean technology conglomerate, has developed a blockchain-based certification platform for South Korean banks, it said on Monday.
Developed in collaboration with the Federation of Korean Banks, it is said that a new platform called BankSign makes the interactions between the mobile systems of the different banks be uniform.
Users can perform transactions in different applications, but the system will require the verification of a single application, using passwords, fingerprints or patterns for authentication, the Yonhap news agency reported .
The representatives of Samsung said that the security of the system is ensured by connecting the systems of the banks to the data exchange network, and the certification data within this network can remain valid for up to three years.
According to one statement, this security is reinforced by the inherent immutability of blockchain. The statement adds: