J Bank
- New smart banking blockchain authentication service
- The first among the world’s banking sector to offer a blockchain solution
Delivery Type :
System Integration
System Type :
Cloud (AERGO Enterprise on AWS)
BACKGROUND
- A belief that the main agents of the financial services that were provided exclusively by the financial companies will be changed to customers themselves through digital innovation
- The decision of J Bank to introduce blockchain to its system, with expectations that the blockchain will change the dynamics of financial services. J Bank have been expecting such changes since before the cryptocurrency boom began
- Plans were made to introduce a blockchain-based easy login system as an authentication system to replace the accredited certificate login that caused the greatest inconvenience for customers
CHALLENGE
- As J Bank was establishing the world’s first case in the banking sector to offer a blockchain solution, there were difficulties in obtaining references and the project seemed to pose a high risk
- Amount of time and cost that exceeded the expectations
- Difficulties in demonstrating security for blockchain-based authentication
SOLUTION
- Designing an easy login system using pin code by introducing AERGO Enterprise(formerly known as COINSTACK)
- Developing an architecture that meets the latest compliance guidelines for the financial sector
- Consulting Financial Security Institute to have blockchain security certified
- Holding regular blockchain training sessions for effective collaboration with the client
BENEFIT
- Provision of easy and highly secure login without having to require a accredited certificate
- Customer satisfaction and an increased number of customers achieved through applying blockchain into easy and secure login system
- A successful development of a brand image as an innovative financial enterprise, being the world’s first case in the banking sector to offer a blockchain solution
- Served a role as a driver for other enterprises and financial sectors to adopt blockchain, being a successful case in the financial sector to adopt blockchain