SBI Savings Bank in South Korea has introduced the nation’s first blockchain-enabled authentication service in cooperation with South Korean blockchain company ICONLOOP, in a bid to fight against cybercrime.
Asia Times reported that the service is aimed at addressing problems relating to personal identity theft and cybercrime with a blockchain-based authentication technology that is set to offer more security to users.
Blockchain developer ICONLOOP revealed that the platform, called ‘SBI Simple Authentication’, can be accessed through SBI Savings Bank’s mobile banking application and will let customers use blockchain to verify blockchain-based PIN numbers or fingerprints. No other security steps, such as security cards or one-time passwords, will be necessary.
ICONLOOP added that a smart contract operating under the name of SCORE will verify the data, which will facilitate the authentication process even further, as it does not require any third-party certification authorities. It also affirmed that as blockchain enables timestamps and is immutable, this solution will offer more security than other authentication methods that are in commercial use today.
The blockchain developer has also made a name for itself by working with the South Korean administration in developing blockchain-powered voting platforms, before collaborating with SBI Savings Bank late last year.
Meanwhile, ICONLOOP has also launched its own digital token, ICX. However, the crypto has not been successful in the cryptocurrency market, dipping to merely 33 cents this year from its high of US$12, with a low probability of near-term recovery. However, the announced cooperation with SBI Savings Bank has brought the value of token up to 35 cents.
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