Samsung Looks to Streamline Banking With Blockchain Tool

Samsung SDS, a subsidiary of South Korea's tech conglomerate, has developed a blockchain-based certification platform for South Korean banks.

AccessTimeIconAug 27, 2018 at 4:35 p.m. UTC
Updated Sep 13, 2021 at 8:19 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Samsung SDS, a subsidiary of South Korea's tech conglomerate, has developed a blockchain-based certification platform for South Korean banks, it announced Monday.

Developed in collaboration with the Korea Federation of Banks, a new platform called BankSign is said to make interactions between different banks' mobile systems seamless. Users can carry out transactions on different apps, but the system will require verification from only one app, using passwords, fingerprints or patterns for authentication, news agency Yonhap reported.

Samsung representatives said the system's security ensured by connecting banks' systems into the data-sharing network, and the certification data within this network can remain valid for up to three years.

According to a statement, this security is bolstered by the inherent immutability of blockchain. The statement added:

"BankSign is the first application of the much-anticipated blockchain technology on banking services ... The company will continue to expand its digital transformation business, which will bolster competitiveness of banks and financial institutions."

Samsung SDS was launched in 2015, and released its first business platform, Nexledger, in 2017. Later it announced a digital finance platform powered by blockchain technology and artificial intelligence, Nexfinance, which is designed to automate tracking and integrating financial records from different financial companies, getting product recommendations, claiming insurance and managing credit card loyalty points, The Korea Herald reported in June.

Samsung image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.