Shinhan Bank announced on the 26th that it has introduced a blockchain-based identity authentication service to the mobile banking application (app)’SOL’.
Blockchain-based identity authentication service is a system that encrypts and stores identity information on a smartphone, and then selects and submits personal information whenever personal information is required. The technology introduced in this Sol is ICONLOOP’s’True’ technology, which is the’My ID Alliance’. Blockchain verifies whether identity information has been forged.
Shinhan Bank plans to apply this technology from the login stage and expand it to various financial transactions such as issuing mobile OTP or customer verification in the future.
In addition, the non-face-to-face second identity verification process at Sol will be replaced by a blockchain identity authentication service, which will reduce the number of ID card shooting and identity verification procedures through telecommunications companies. Once the identity is confirmed, the identity verification process will be omitted when transacting at financial institutions such as Shinhan Financial Group’s affiliates, Shinhan Investment, Shinhan Card, and Shinhan Life Insurance.
Head of Shinhan Bank’s Digital R&D Center, Hyeon-ki Jang, said, “Decentralized identification will be the entry point of the digital ID ecosystem that will spread in the future, and it will be able to develop into a platform for managing and transacting data as well as personal identity information.” .