South Korean Banks to Implement Blockchain ID System

[kreslik.news]

Korea Joongang Daily reported yesterday that the Korean Federation of Banks will be releasing a new blockchain-based ID system in July. The system is called ‘BankSign’.

The KFB, an organisation made up of the country’s commercial banks, hopes that BankSign will be an improvement on the existing public certification system. The current system was created 20 years ago and is, according to Korea Joongang Daily, “notorious for its complexity and inconvenience.”

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According to Forbes, purchasing goods and services online in South Korea entails a series of identity checks which require the user to download a ... (read more)