BankSign Certificate Transitions to Blockchain Identity Verification Platform

Expansion of Application to Financial Institutions Beyond Banks

[Asia Economy Reporter Minwoo Lee] The Korea Financial Telecommunications and Clearings Institute (KFTC) is transforming BankSign, the joint bank authentication certificate, into a blockchain-based identity verification platform. This will be expanded not only to 17 banks but also to community financial institutions, financial investment companies, insurance companies, and card companies.

On the 14th, KFTC announced that it has upgraded BankSign, the joint blockchain certificate for banks, to a new identity verification service called the 'Decentralized ID (DID) Identity Verification Platform.'

Accordingly, the blockchain operations previously participated in only by banks have been converted to the financial decentralized ID identity verification platform, expanding participation beyond the 17 member banks to include community financial institutions, financial investment companies, insurance companies, and card companies. The BankSign certificate will be integrated into BankID going forward, and BankSign certificates already issued will be available until September 15.

Earlier, in August last year, KFTC launched the blockchain authentication service 'BankID,' which improved BankSign through the decentralized ID identity verification platform. This service allows not only simple electronic signatures but also the submission of stored information, and it can be issued and used through bank apps without the need to install a separate application. In May, a blockchain-based military qualification verification function was also added, and a mobile ID verification infrastructure was established.

A KFTC official stated, "The financial joint blockchain reborn as the decentralized ID identity verification platform will serve as a financial joint platform connecting identity verification issuers and users with financial services, and will be utilized for various digital identity verification services." He added, "We will strive to provide a better digital service experience through more innovative and convenient authentication services."