The blockchain technology has accelerated its pace globally where the financial services companies that use this technology on an active basis. Samsung SDS, global software solutions, and IT services company provide purpose-built technology solutions for enterprise mobility, security and advanced analytics has recently announced that it has completed the blockchain based co-verification system BankSign for the Korea Federation of Banks. With the BankSign in place, a customer obtains a co-verification certificate from a bank that helps transact mobile banking of other banks through the simple authentication process in place.
Till date, banking customers had to go through the tedious process to get their digital certificate renewed each year with each bank for using their mobile banking application. Technically, BankSign streamlines the entire process easier where customers can access the banking services of multiple banks at one go. The whole authentication process is resolved with a simplified fingerprint, passwords, pattern authentication.
The system prevents certificate falsification through the value-added benefits of the blockchain technology, a synchronized distributed agreements with real-time authentication information between banks. With the help of the blockchain technology, it encrypts communication segments and double encrypts data and networks. BankSign can streamline the entire process such that it enhances the validity of digital certificates till 3 years from 1 year.
Let us not forget that the development of BankSign is the next steps towards the blockchain era by Samsung. Fintech is one of the fastest growing areas in financial services globally. In July this year, the majority of banks said while introducing we trade concept, that the major aim of we trade in the entire ecosystem of the bank is to build a common platform that enables companies from around the world. The ultimate goal is to automate and streamline the entire process that is constant and transparent.
Amidst major development, the big challenges sprawling their legs in the ecosystem are inefficiency, inadequate capacity due to higher energy consumption and absence of transparency in the payment process. However, with the blockchain technology in place, the whole ecosystem of the financial market can be streamlined and ward off certain complex issues like external attacks among others.
Besides the blockchain technology streamlines an entire ecosystem in place, it can be incorporated with the risk management process applied in the organization!!