Korea SBI Savings Bank launches blockchain based personal identity authentication Service

South Korea’s SBI savings bank recently launched a blockchain-based personal authentication service, local media reported.

The personal Authentication service, called SBI Simple Authentication, was developed by SBI savings bank in partnership with south Korean blockchain startup Iconloop and is now open to the public.

The service is integrated into the mobile smart banking application of the SBI Savings Bank, where users do not need a public certificate, security card or one-time password (OTP) to securely log in and initiate transfers using a PIN or fingerprint.

The solution adopts private key and public key structure and is compatible with the existing certificate standard. It also follows the FIDO standard to support biometric authentication.

SBI savings bank and Iconloop say blockchain enhances security, makes it impossible to fake information and misuse certificates, and improves the user experience.

Iconloop has been working with SBI savings Banks since November 2018 to apply blockchain technology to personal authentication, electronic document authentication and timestamps.

Iconloop CEO Jonghyup Kim said the company will continue to work with SBI bank to develop multiple blockchain applications with the goal of providing “differentiated solutions.”

In addition to the new certification services, the SBI Savings Bank is developing a blockchain-based document authentication system.

Founded in 2016, Iconloop is a blockchain start-up company headquartered in Seoul. The company develops blockchain solutions for financial institutions and works in partnership with the Seoul municipal government, the Korea National Electoral Commission and the Education, Life Insurance Corporation, among others.