Samsung SDS Develops Blockchain Certification Platform ‘BankSign’ as Automated Banking Tool
The blockchain technology is likely the most important thing to come from the creation of cryptocurrencies like Bitcoin and Ethereum. While the validity of the currencies themselves are continually questioned and debated, there is no question that the distributed ledger technology backing them is an important technological innovation with several important implications in hundreds of potential industries all over the world. For the most part, distributed ledger technology is important in any sector that relies on the transmission and storage of secure information.
This means that, of all the sectors touched by distributed ledger technology, banking and financial services businesses are likely to be the most interested in blockchain applications for their own evolving business models. According to Samsung SDS, the company is collaborating with several banking organizations within South Korea to pioneer a system of mobile payment between banking entities and users. The tech is still in the developmental phase of production, but investors and speculators alike continue to become excited at the prospect of yet another institutional embrace of cryptocurrency technology, specifically related to the blockchain.
Representatives from the Samsung company spoke out in an official announcement today, outlining that the platform, called BankSign, would help to streamline the interaction of mobile systems across several partnered banks. The representatives stressed that this system’s security will help to beef up the safety and privacy of data within these transactions, while the use of the blockchain will make the payment process infinitely faster for partner companies and their clientele.
Samsung SDS is a South Korean financial technology company. Launched officially back in 2015, the organization has already come out with a business platform by the name of Nexledger, which also uses blockchain technology to streamline the financial processes that drive economics. The company also came out with Nexfinance, which is an AI-based platform for finance tracking, offering a variety of financial services to users.
SDS is already making waves on the South Korean market, which is already a deeply-interested cryptocurrency and blockchain technology company. Moving forward, it seems that this new product is the latest of the company’s efforts to apply blockchain technology as the catalyst for solving major financial issues which exist in the status quo in the economic sector of South Korea.
The biggest draw of the BankSign setup for the average user comes down to the ease of access it provides to financial services on multiple systems. According to representatives of Samsung SDS, the BankSign platform will allow users to carry out their transactions on a variety of applications, but they will only have to provide verification on a single application.
Information stored on this new system will remain active and valid for three years, and it uses the same security measures used by partner banks to provide maximum protection while streamlining the verification and transaction process. It is unclear from the initial announcement when people should expect the product to be release officially, but representatives have been clear in their conviction that the platform is relatively developed at this point.