Samsung is well known for its technology products, but now it appears that the company is slowly starting to delve into the blockchain world. It has recently turned its attention to crypto mining and is releasing its new 10nm ASIC mining chips very soon. In fact, these very chips are being used in the new hydroelectric crypto farm in Valatie Falls, New York.
Samsung SDS – the IT arm of Samsung – has been hard at work developing a new certification tool for banks called BankSign. It is a joint project between Samsung and the Korean Federation of Banks (KFB) and has been under development since mid-2015. As with virtually all blockchains, it seeks to increase customer safety, security, and decrease transaction time between parties.
What does BankSign Do?
BankSign aims to make transactions between banks in the KFB quick, secure, and safe. Users simply sign up to one of the banks in the KFB and pass the KYC process. Then whenever they make a payment or transaction to another bank in the KFB, it will pass through the new BankSign blockchain. It will speed up the transaction process, lower the cost of the transaction and make it more secure. Users accounts last up to 3 years before the KYC process has to be repeated so the account can be renewed. However, this can be as frequently as every year if the KFB sees fit. BankSign is essentially a group of banks sharing a giant blockchain database in order to make banking in Korea more efficient.
North Korea Gets into Blockchain
While South Korea has been involved in the blockchain revolution for a number of years, its northern neighbor is just starting to get its feet wet in the industry. In October, it will host its first international blockchain conference in a bid to be seen as a crypto-friendly nation. However, the north has regularly attacked crypto exchanges from the south – often stealing billions of Wan in the process. There has been an ongoing battle between the two nations, with angry rhetoric often being fired back and forth. If North Korea decides to enter the crypto world, the two halves of Korea could potentially be united by blockchain.
Blockchain and Banking Come Together
Globally, the banking industry appears to be recognizing blockchain technology and its advantages. Interestingly, the Bank of America (BoA) has taken a great interest in blockchain technology, it currently holds more active patents than IBM. Holding around 50 patents, BoA most recently applied for a blockchain patent that will allow it to place tags into blocks – making it easier to find specific locations. This could revolutionize the way blockchains are used in modern banking and will help to speed up processes that involve user accounts.
Samsung is a global tech giant, as such it is no surprise that it is getting involved in a wide range of areas in the blockchain industry. By creating partnerships with banking groups – such as the KFB – it will be able to gain more experience under its belt in order to create more complex blockchain solutions. As time progresses and it experiments more with blockchains, Samsung could quickly become the number one partner for companies looking to implement blockchain solutions.
