FINANCIAL TECHNOLOGY | Staff Reporter, Korea

Korean banks to launch blockchain ID verification programme

‘BankSign’ will be officially rolled out in July.

The Korea Federation of Banks (KFB) is rolling out a blockchain-based identity verification programme by July in an effort to streamline online and mobile banking use, reports Korea JoongAng Daily. 

Also read: Strong economy to buoy Korean banks growth prospects

“BankSign is the first project co-developed by the local banking sector utilising blockchain technology,” a federation spokesperson said.

The new tech is set to speed up the user verification process in online and mobile booking and provides a huge boost to the country’s 20-year-old public certification system.

“With BankSign, banks will have options to choose from in verifying consumer identity, not just the public certification system,” Park Chang-ok, a manager at the department of deposit services and payment systems at KFB told Korea JoongAng Daily.

BankSign is based on Nexledger, a private blockchain solution created by Samsung SDS.

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