Samsung has unveiled a blockchain-based platform that will allow people to easily make transactions at different banks. The conglomerate developed the solution through Samsung SDS Co., a subsidiary of Samsung.
According to Samsung SDS, the platform is a partnership effort with several banks under Korea Federation of Banks. The blockchain solution aims at pioneering a system of “mobile payment between banking entities and users.” According to the statement released by Samsung SDS, the technology is not yet fully developed. However, there is already a wave of excitement in the technology and financial market.
Streamlining transactions at different banks
In an official announcement, Samsung has outlined that the solution will help streamline relations between partnered banks. The statement details that BankSign will be instrumental towards smooth interaction of mobile systems across several related banks. In addition, the company emphasised the security of the data stored on the platform.
The statement reads, “…this system’s security will help to beef up the safety and privacy of data within these transactions, while the use of the blockchain will make the payment process infinitely faster for partner companies and their clientele.”
Most importantly, customers can make transactions using mobile banking systems of different banks. With just one certification, a user can carry out transactions at different partnered banks.
Certification system
The Korea Federation of Banks is an integral player in this new solution. The organisation first announced the development of BankSign back in June. Central to the principle of the solution is to simplify the verification system. The old verification system is prone to complications and fraught with inefficiencies.
BankSign mimics the basic outline of Nexledger. The latter is a Samsung SDS development that manages enterprise operations.
Samsung SDS is one of the most formidable forerunners in the blockchain industry. This year, the firm has made public a slew of blockchain products that promise to impress. Just under three months ago, the firm released CelloSquare 3.0 that targets the logistics field. The tool is a collaborative online logistics platform providing a one-stop service covering the whole process of import and export.
Established in 2017, Samsung SDS is increasingly becoming an important contributor to Samsung’s overall revenue.
