Korean Banks Can Use Blockchain to Verify Customer IDs from July

A national banking group in South Korea is to roll out a blockchain-based ID verification system for domestic commercial banks in just weeks.

According to a notice revealed on Monday by the Korea Federation of Banks (KFB), the new system – dubbed BankSign – is scheduled to be launched in July following a testing phase that began in April of this year.

Built on top of Nexledger, a private blockchain platform developed by Samsung’s enterprise solution division, BankSign will offer local banks an option to replace the existing ID verification system that has been in place for decades in South Korea, the KFB said.

Founded in 1984, the KFB represents commercial banks in South Korea, with notable members including Shinhan and Woori banks – institutions that have also been exploring blockchain-based cross-border remittances for business customers…

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