South Korean Banking Introduce: Blockchain ID verification

As per report, the Korea Federation of Banks (KFB) will introduce their "Bank Sign" identity check framework to be utilized as a part of both online PC based and mobile banking. As indicated by report, the move is expected to supplant the 20-year old open check framework that is purportedly famous for its many-sided quality and wastefulness.

A manager at the department of deposit services and payment systems at KFB, he explained that banks’ new Blockchain application would offer a range of options to verify customers IDs, “not just the public certification system.”

Indicated by the report, development of the Bank Sign initiative was started immediately after the KFB launched a consortium exploring Blockchain applications opportunities at the local banking sector in November 2017.

A week ago, Samsung SDS declared the launch of its own endeavor Blockchain stage Next finance aimed at finance-related businesses.

“Blockchain Technology spreading rapidly”