South Korea to get blockchain-based system for online banking logins

South Korea to get blockchain-based system for online banking logins

South Korea's banks are preparing to roll out a distributed ledger technology-based identity verification system for mobile and online logins.

The Korea Federation of Banks (KFB) says the BankSign system will launch next month, providing an alternative to the country's notoriously user-unfriendly public certification system for desktop-based online banking verification.

Technical details are scant but BankSign has been built on Nexledger, a private blockchain system created by Samsung SDS, according to the Korea Joongang Daily.

The new system is being made possible thanks to a recent government decision to revise the Digital Signature Act, lifting the mandatory use of the public certification system. Since then, banks have been testing BankSign among employees.

Comments: (1)

A Finextra member
A Finextra member 13 June, 2018, 08:35Be the first to give this comment the thumbs up 0 likes

This is very exciting and foreward looking. Well done. It is also good that cooperation between banks is driving this initiative. It is good that The Korea Federation of Banks (KFB) is involved, coordinating efforts.