Samsung’s New Technology Even More fades The Line Between Banks And Blockchain

The affiliate company Samsung declared that it has created a new blockchain solution to facilitate banking operations for the main public.

Samsung SDS, an affiliate of the electronics giant that provides IT solutions, has formed a signature system for the Korean Federation of Banks (KFB). With it, the clients will be able to send operations using any confirmed mobile application after checking their identity only once.

After the document has been signed by the company, it is stated that digital certificates will be valid for three years. It was also mentioned that transactions can be signed using a password, a template or a fingerprint.

Samsung SDS representative mentioned that BankSign was the first application of the long-awaited blockchain technology on banking services.

Launched last year, Samsung introduced SDS to show the South Korean financial industry the advantages of Distributed Database Technologies (DLT).

Earlier, the subsidiary company launched a digital financial platform called Nexfinance. It is tuned to power from artificial intelligence and blockchain technology.