ICONLOOP has integrated its blockchain technology to SBI Savings Bank’s personal authentication service. SBI Simple Authentication, the first blockchain-based authentication service, launched in the Korean savings bank industry is now open to public.
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).
Blockchain-based ‘SBI Simple Authentication’ is implemented by storing PIN or fingerprint authentication information, with consensus among the nodes of the SBI blockchain server (instead of getting proof from certification authorities), and verifying the data integrity through ‘SCORE’, a smart contract environment developed by ICONLOOP, at the time of issuing a certificate. 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.
Users can login and transfer money by selecting ‘PIN authentication’ or ‘Fingerprint authentication,’ after tapping the ‘Login’ button on the home screen. For customers who have not registered PIN or fingerprint authentication, the initial authentication settings screen will be displayed following the registration prompt. SBI’s new service is focused on offering the same user experience (UX) as the existing PIN or fingerprint authentication system so that users are comfortable using the new authentication service without an understanding of blockchain technology.
Both companies expect enhanced security through the utilization of blockchain technology. It will now be impossible to falsify information and misuse the certificates, while also increasing customer satisfaction as there is no need to install separate security plugins. Also, in conjunction with the timestamping function on the public blockchain in the future, there will be noteworthy cost savings by gradually replacing the areas where public certificates are currently used.
ICONLOOP has been working with SBI Savings Bank since November of 2018 to certify electronic documents, as well as to provide blockchain-based authentication services. SBI Savings Bank employees are currently uploading file attachments from SBI Groupware boxes, such as draft documents and official notices, to a blockchain-based document certification system. This system confirms that the files are not damaged or tampered with when browsed or downloaded. SBI Savings Bank ranks No.1 in Korea in terms of assets, reaching 6 trillion dollars (USD) in September 2018, and has been developing diverse services that incorporate IT and FinTech, including AI and blockchain, to prepare a new growth strategy in response to a rapidly changing financial environment since 2016.
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.” Kim added, ”ICONLOOP will work closely with SBI Savings Bank to find synergies in various fields and provide differentiating solutions.”
Eunhwa Lee, Director of the Fintech task force at SBI Savings Bank, said: “The new service based on ICONLOOP’s blockchain technology is a great opportunity to bolster our competitiveness in financial services. By providing safer and more convenient services, SBI Savings Bank expects to offer new benefits to customers and create new market opportunities. We will introduce various technologies to lead the financial industry and maximize customer satisfaction.”
ICONLOOP, Inc. is a blockchain-specialized tech company based in Seoul, South Korea. Founded in May 2016, ICONLOOP provides the entire technical support to the leading global blockchain project, ICON. ICONLOOP aims to acquire both scalability and security in existing platforms and maximize the utility of blockchain technology with SCORE, LFT Algorithm, Multi-Channel, Interchain-BTP and Parallel Processing. Based on self-developed blockchain engine, loopchain, ICONLOOP, as a technology partner of Seoul Metropolitan government, Korea Financial Investment Association (KOFIA), Kyobo Life Insurance, and P-HIS consortium, leads diverse innovations in financial transactions and digital currency.