Bank Sign: the new South Korean financial blockchain authentication service

20 Jul, 2018
by Arthur Sillers
News
Bank Sign: the new South Korean financial blockchain authentication service

BusinessKorea announced blockchain based authentication service called Bank Sign will be released in the upcoming month. The product comes from the Korean Federation of Banks, a local financial institution.

Bank Sign aims to streamline the currently time consuming and costly certification process, especially in regards to international banking. As it stands now, authentication is a complex and unwieldy process which must be done manually. By harnessing the blockchain's inherent security and distributed characteristics, Bank Sign could fill a need for speedy, reliable, and automatic authentication of trade agreements and international credit verification.


The development of the protocol was announced in June by Korea's JoongAng Daily, and is now close to commercialization, currently undergoing internal testing by banking employees. 

The product went into development after the South Korean government lifted legal restrictions that mandated banks use the 20 year old traditional certification system, notorious for its inefficiency and inconvenience.

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