| The name of the base system (platform): | Projects based on blockchain technology |
| Developers: | Samsung SDS |
| Date of the premiere of the system: | July, 2020 |
| Branches: | Financial services, investments and audit |
Content |
2020: The Central Bank of South Korea transforms the banking sector of the country using development of Samsung
On July 13, 2020 it became known of the solution of the Central bank of South Korea to redeem the BankSign blockchain platform. It was developed by Samsung SDS company and the Korean federation of banks. It is expected that this technology will allow the regulator to transform the banking sector of the country cardinally.
BankSign is a solution blockchain which allows banks and financial organizations of South Korea to exchange data of clients which are used for identification of their personality.
Since 1999 in To South Korea for these purposes the solution Digital ID (DID) was used, however in May, 2020 the country refused it. Applicants for change of DID appeared a little. For example, the largest companies are engaged in development of alternatives of DID - Kakao and Samsung. In June, 2020 the companies SK Telecom KT, also LG Uplus provided a solution blockchain of PASS which is focused on processing of confidential data according to car driver licenses of citizens.
Nevertheless, the BankSign tool is designed to transform the banking sector of South Korea. Commenting on partnership with BankSign, representatives of the Central bank noted that they hope to reduce operating costs with its help, to improve quality of the provided services and to consider the new possibilities of use of BankSign.
According to developers, the BankSign blockchain platform successfully copes with automation of several manual tasks, including with consolidation of data, with calculations for payments and with management of documentation. Against the background of COVID-19 pandemic in South Korea, also as well as in other countries of the world, demand for online banking services sharply increased to avoid personal contacts between users and bank employees. The Central Bank of South Korea is going to replace completely structure of the digital identifier with BankSign infrastructure by the end of 2020.[1]
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