Shinhan Bank Commercializes Decentralized Identity Verification Technology... "Simplifying Identity Verification Process"

Introduction of Blockchain-Based Identity Verification Service

[Asia Economy Reporter Park Sun-mi] Shinhan Bank announced on the 26th that it has introduced decentralized identity verification (DID) technology, designated as an innovative financial service by the Financial Services Commission, into Shinhan 'SOL'.

Decentralized identity verification technology refers to a system where identity information is encrypted and stored on a smartphone, allowing the user to selectively submit personal information when required.

Shinhan Bank simplified customer procedures by replacing the non-face-to-face secondary identity verification process (ID card photo or identity verification through a telecom company) with an identity authentication service. Customers who complete the identity verification process through 'SOL' can skip or simplify identity verification not only in financial institution transactions such as securities, cards, and life insurance but also on lifestyle convenience platforms.

Identity information verified by Shinhan Bank can be stored and repeatedly submitted to other financial institutions with fingerprint authentication alone, without additional verification such as submitting a photo of an ID card. The authenticity of identity information is verified through blockchain.

Currently, this technology is available for changing login methods, and it is planned to expand to other financial transactions that require additional identity verification, such as issuing mobile password generators (OTP), changing passwords, and customer verification.

Meanwhile, if electronic signature technology is additionally installed in the identity authentication service, it can be used as a personal authentication method instead of certificates, and various certificates required for financial transactions can be sent via mobile without confirmation from the issuing institution. Shinhan Card, Shinhan Financial Investment, and other affiliates of Shinhan Financial Group are also considering introducing this service within the year.

This content was produced with the assistance of AI translation services.