South Korea’s banks are preparing to roll out a distributed ledger technology-based identity verification system for mobile and online logins.
The Korea Federation of Banks (KFB) says the BankSign system will launch next month, providing an alternative to the country’s notoriously user-unfriendly public certification system for desktop-based online banking verification.
Technical details are scant but BankSign has been built on Nexledger, a private blockchain system created by Samsung SDS, according to theKorea Joongang Daily.
The new system is being made possible thanks to a recent government decision to revise the Digital Signature Act, lifting the mandatory use of the public certification system. Since then, banks have been testing BankSign among employees.