Korean banks to launch blockchain-based ID verification platform

Verified
5 months ago
0

A new platform called BankSign will be widely implemented after its testing in July, according to the official announcement the Korean Federation of Banks (KFB). Banks will be able to replace the existing ID verification system that has been implemented in South Korea for 20 years now.

The new platform based on Nextledger will be available for clients via online banking and mobile apps. This is the first attempts of Korean commercial banks to make blockchains platform available for the large number of consumers.

Testing of BankSign has started in April when the South Korean government lifted the mandate, allowing to use non-traditional ID verification and expanding the usage of more optimized and modern services. A study of an alternative authentication system began in November 2017, after the creation of a bank blockchain consortium within the framework of KFB.