Korea Financial Telecommunications and Clearings Institute announced that the institution will start the construction of a new authentication service based on blockchain as the accredited certificate are set to be abolished.
KFTC stated that the new service will be an improved version that “minimizes the inconvenience of the existing certificate through a simpler methods of password login, longer expiration dates, automatic renewal and so on.”
The new certificate service won’t require copying or moving between machines because it will no longer be saved in the hard disk or USB drives; it will be stored within the KFTC cloud base. The institute explained that they plan to come up with ways to make a smooth transition “so that the users of the existing accredited certificates can make a stable transition” and that they “guarantee that they will try their best to minimize the confusion that will be caused by this change.”
KFTC plans to announce a broad service that can be used in many fields; not only the users can use the certificate to log-in, but also it supports self-identification or consent for withdrawal. In order to do this, the institute plans to work with banks and fintech-companies that are well-versed in API verification services so that the system has an extensive range of authentication infrastructure.
The service will include a feature that the customer can look into their history of certificate-use. The feature uses the customer’s certificate data to analyze the user pattern so that when an illegal act or hacking is detected, the user can be notified immediately.
The president of KFTC, Mr. HakSoo Kim, stated that “we will enhance the convenience of the citizens and fully support the development of the ‘Untact’ industry in the post COVID-19 era, through various innovative changes of our financial certification center that meets the government’s policy direction.”
Moreover, if the service is based on blockchain technology, it’s possible to keep the records transparent and also to distinguish and detect who uses what verification data. On last 14th, the KFTC revealed their plan to use this advantage of blockchain to provide a distributed database system ‘mobile employee ID’ instead of the current ‘necklace employee ID card.’ Additionally, the institution is currently wrapping up their collaboration with ShinHan Financial Investment to introduce a revolutionary development that is a non-face-to-face account services based on the distributed ID system.