“Let us target block chain development of Bank Association”… Battle for order in IT service
Ho Woo-yeong | yenny@dt.co.kr | 2017-08-11 11:21:25
Big IT service companies such as Samsung SDS, LG CNS, SK Corp., C & C and IBM are expected to enter into competition to develop a bank block chain system. Once this project is won, the bank will be able to establish a favorable bridgehead in the block-chain project to be carried out by each bank in the future.
On August 10, a block chain system was held at the banking center of the Myeongdong Nation Banking Association in Seoul. A total of 80 people attended the briefing session, including large IT companies, mid-sized companies and start-ups. 20 companies including Samsung SDS, LG CNS, SK Corp. C & C, IBM and 6 medium-sized SI companies took place.
The Federation organized the ‘Block Chain Consortium’ with 16 banks in order to increase the efficiency and safety of the financial system last year, Financial Supervisory Service and Financial Supervisory Service and started a project to build a block chain infrastructure including joint bank customer authentication system. The block chain is a next-generation security new technology that virtually all of the trading partners share an encrypted distributed ledger, making it virtually impossible to hack. The SWIFT industry is paying close attention because it is planning commercialization, banking, and other business expansion through technology validation through building block chain infrastructure. Currently, both large companies and blockbusters are expected to launch the blockbuster technology. If the pilot project is successfully executed, it will be able to prevail in favor of further commercial projects to be offered by commercial banks and financial investment companies.
Of the three large corporations, Samsung SDS is utilizing the block chain platform so called `Nex Leisure` developed by its own technology to authenticate electronic documents of Samsung Card and to certify affiliated members. It is also likely to challenge this project based on the technology applied to the shipping logistics consortium and Samsung SDI (manufacturing). Samsung SDS is participating in the block chain consortium `Etherium` (EEA), which includes global companies such as Microsoft, Intel and ING. A Samsung SDS representative said, "The principle of not doing simple financial SI remains the same, but it is internal policy that we can participate in new technology such as block chain."
LG CNS and SK C & C, the competitors of next-generation IT systems in the financial sector, are also likely to participate in the alliance business. LG CNS has entered into a business agreement with the consortium `R3`, the world`s largest financial specialization block chain, and is leading the creation of a domestic block chain ecosystem. The consortium also features KEB One, Shinhan, IBK, Woori and KB Kookmin Bank. An LG CNS representative said, "We will participate in the business based on our accumulated capabilities."
SK Corporation C & C is expanding its other service models, such as medical and financial services, based on its digital ID authentication and logistics service solution, which is made up of its own block chain technology. It is also positive for business participation. IBM was selected as a block chain builder of a consortium of digital traders composed of seven major European banks including Deutsche Bank and HSBC last month, and is doing business in domestic IFRS business. . IBM and the Linux Foundation are leading the development of Hyper Leisure Block Chain technology standards.
"We have been allowed to bid on all block chain technologies including Etherium, R3, Hyper Leisure, etc., as much as new technology is applied" the official said.
Meanwhile, the Association plans to select the preferred negotiator by early September after the proposal submission deadline on August 28, the proposal briefing session on September 1.
[ copyright ⓒ The Digitaltimes ]
On August 10, a block chain system was held at the banking center of the Myeongdong Nation Banking Association in Seoul. A total of 80 people attended the briefing session, including large IT companies, mid-sized companies and start-ups. 20 companies including Samsung SDS, LG CNS, SK Corp. C & C, IBM and 6 medium-sized SI companies took place.
The Federation organized the ‘Block Chain Consortium’ with 16 banks in order to increase the efficiency and safety of the financial system last year, Financial Supervisory Service and Financial Supervisory Service and started a project to build a block chain infrastructure including joint bank customer authentication system. The block chain is a next-generation security new technology that virtually all of the trading partners share an encrypted distributed ledger, making it virtually impossible to hack. The SWIFT industry is paying close attention because it is planning commercialization, banking, and other business expansion through technology validation through building block chain infrastructure. Currently, both large companies and blockbusters are expected to launch the blockbuster technology. If the pilot project is successfully executed, it will be able to prevail in favor of further commercial projects to be offered by commercial banks and financial investment companies.
Of the three large corporations, Samsung SDS is utilizing the block chain platform so called `Nex Leisure` developed by its own technology to authenticate electronic documents of Samsung Card and to certify affiliated members. It is also likely to challenge this project based on the technology applied to the shipping logistics consortium and Samsung SDI (manufacturing). Samsung SDS is participating in the block chain consortium `Etherium` (EEA), which includes global companies such as Microsoft, Intel and ING. A Samsung SDS representative said, "The principle of not doing simple financial SI remains the same, but it is internal policy that we can participate in new technology such as block chain."
LG CNS and SK C & C, the competitors of next-generation IT systems in the financial sector, are also likely to participate in the alliance business. LG CNS has entered into a business agreement with the consortium `R3`, the world`s largest financial specialization block chain, and is leading the creation of a domestic block chain ecosystem. The consortium also features KEB One, Shinhan, IBK, Woori and KB Kookmin Bank. An LG CNS representative said, "We will participate in the business based on our accumulated capabilities."
SK Corporation C & C is expanding its other service models, such as medical and financial services, based on its digital ID authentication and logistics service solution, which is made up of its own block chain technology. It is also positive for business participation. IBM was selected as a block chain builder of a consortium of digital traders composed of seven major European banks including Deutsche Bank and HSBC last month, and is doing business in domestic IFRS business. . IBM and the Linux Foundation are leading the development of Hyper Leisure Block Chain technology standards.
"We have been allowed to bid on all block chain technologies including Etherium, R3, Hyper Leisure, etc., as much as new technology is applied" the official said.
Meanwhile, the Association plans to select the preferred negotiator by early September after the proposal submission deadline on August 28, the proposal briefing session on September 1.