Some South Korean commercial banks are launching a blockchain-powered customer ID verification platform in July 2018. News reports suggested the Korea Federation of Banks will launch ‘BankSign’ identity verification system to be used in both online computer-based and mobile banking. The move is intended to replace the 20-year old public verification system, known for its complexity and inefficiency. An official of the Federation said the new blockchain application would offer a range of options to verify clients’ IDs, not just the public certification system. The BankSign initiative was started immediately after the Federation launched a consortium exploring blockchain applications opportunities in the local banking sector in November 2017. The BankSign platform is based on Nexledger, a private enterprise transaction management tool developed by Samsung’s subsidiary, Samsung SDS.
