Samsung SDS launched its Nexledger blockchain platform back in April of this year as a cost-efficient solution, and it appears as though the company has made a splash in its own backyard. Nexledger has been selected as the platform for a Korean Inter-Bank system.
Nexledger, as a blockchain platform, allows co-authentication for various users who engage more than one bank (hence the inter-bank angle). The participating banks will be authenticated through blockchain, with each bank protected in the event of a system attack where one or two banks fail. Blockchain will also produce more flexible authorized certificates that won’t mandate a centralized system for processing. Additionally, customers can use fingerprints, patterns, PINs, and other methods of user authentication (perhaps iris scanning?) without having to perform duplicate authentications at each individual bank.
The company placed its bid in a competitive bidding pool with 99 other companies. The deciding factor was the Federation of Banks’s Bench Mark Test (BMT) evaluation that gave Samsung SDS’s Nexledger high marks for performance, results, availability, and quality. The Bench Mark Test measures scalability, security, stability, and performance, with Nexledger showing great promise.
Samsung SDS will use blockchain-based Digital Identity technology along with Nexledger to make the blockchain as capable as possible. In the future, SDS intends to add overseas remittance and payment settlement to its Nexledger blockchain platform while building new businesses.
The new Korean Inter-Bank system will begin in February 2018 with 5 banks aboard the project: Jeonbuk, Busan, Hana, Kookmin, and Shinhan banks. Commercial banking services will begin by the end of the summer of 2018, with the inter-bank platform becoming the first worldwide to roll out Digital Identity and Digital Payment services to millions of customers.