ICONLOOP And SBI Savings Bank To Launch Blockchain-Built SBI Simple Authentication Services
ICONLOOP Partners With SBI Savings Bank To Launch The SBI Simple Authentication
Announcement from the ICONLOOP Medium team confirmed the release of the SI Simple Authentication that integrates the blockchain technology to SBI Savings Bank. The partnership between the two companies aims to improve security concerns across the field by offering better systems.
ICONLOOP Integrates The SBI Simple Authentication Service To SBI Bank
The Korean savings bank, SBI, launched a smart banking application that allows users to authenticate blockchain-based personal identification number (PIN) or fingerprints. The SBI Simple Authentication will facilitate the process by providing a blockchain to improve security concerns, better user-friendliness, and easy access and use of funds without a public certificate, security card, or one-time password (OTP).
The SBI Simple Authentication will store the PIN or fingerprint information on the blockchain and the data will be verified through SCORE’, a smart contract environment developed by ICONLOOP, at the time of issuing a certificate. The new technology complies with current certificate standards specifications including FIDO biometrics standards while strengthening the system through a public-private key structure.
Speaking on the recent launch of the SBI Simple Authentication, the CEO of ICONLOOP, Jonghyup Kim instilled confidence in the use of the system to enhance convenience and safety to access to funds in financial markets. He also commented on the partnership saying,
”ICONLOOP will work closely with SBI Savings Bank to find synergies in various fields and provide differentiating solutions.”
Users will be able to log in to their accounts once registered on the SBI Simple Authentication through their fingerprint or PIN. The system will also enhance honest records and certificates and scrapping out false information on the certificates. User experience has been improved to ensure even the least educated persons on block chains can easily use the system as there is no need for extra installation of plug-ins.
The Director of Fintech task force at SBI Savings Bank, Eunhwa Lee praised the latest partnership with ICONLOOP that will push the financial giant towards competing favorably with others in the field. He continued saying,
“By providing safer and more convenient services, SBI Savings Bank expects to offer new benefits to customers and create new market opportunities.”