ICONLOOP And SBI Savings Bank Integrate Blockchain-based Services

ICONLOOP has integrated its blockchain technology to SBI Savings Bank’s personal authentication service, according to the blog of the company. SBI Savings Bank’s mobile smart banking application enables users to authenticate blockchain-based personal identification number (PIN) or fingerprints through ‘SBI Simple Authentication.’

Along with the enhanced security from the use of blockchain, the new service allows users to log in and easily initiate transfers by using just a PIN or fingerprint without a public certificate, security card, or one-time password (OTP). ‘SBI Simple Authentication’ establishes a safe user authentication process by applying private and public key structure, while being compatible with the existing certificate standards by adopting their specifications. It also follows the FIDO standards to support biometric authentication.

Collaborating companies expect enhanced security through the utilization of blockchain technology. It will now be impossible to falsify information and misuse the certificates. Jonghyup KIM, CEO of ICONLOOP, stated:

“Blockchain-based ‘SBI Simple Authentication’ has the opportunity to be a leading solution in financial markets to enhance both convenience and safety by applying blockchain to services that are actually being used. ICONLOOP will work closely with SBI Savings Bank to find synergies in various fields and provide differentiating solutions.”

Image courtesy of Pulse Korea