FNSV and ITU Digital Financial Services Security Lab for implementation of Blockchain

12/3/24 •

Summaries by topic

• English

FNS Value, in collaboration with the ITU, is developing and standardizing blockchain-based authentication solutions for digital financial services, particularly in emerging economies. This partnership focuses on enhancing security, meeting international standards, and promoting wider adoption of these solutions, aiming to replace traditional passwords with a secure and passwordless future.

ITU DFS Security Lab

• 00:00:23 FNS Value partners with the ITU's Digital Financial Services (DFS) Security Lab to develop blockchain-based authentication solutions for emerging and developing countries. This collaboration involves creating technical guidelines and promoting robust authentication solutions that adhere to international standards, focusing on the use of blockchain technology to enhance security in digital finance.

Blockchain Authentication Standardization

• 00:01:56 FNS Value aims to internationalize blockchain-based authentication technology standards through the ITU. Korea and Malaysia have submitted contribution papers to the ITU-T SG17, with the goal of establishing standards for one-time authentication key and DLT access security authentication using distributed ledger technology, anticipated for approval in 2025.

DFS Security Clinics

• 00:03:22 The ITU and FNS Value have organized DFS security clinics in various developing countries to raise awareness of cybersecurity risks like phishing and account takeovers. These clinics showcase how blockchain-based authentication can mitigate these risks and promote secure digital financial services, particularly in emerging economies.

ITU DFS BSA Application Challenge

• 00:05:03 The ITU and FNS Value launched an application challenge to encourage the development of digital wallet applications using passwordless blockchain authentication. The challenge involved 185 participants from 39 ITU member states, aiming to promote and showcase the use of this technology in real-world applications, and the winner was to be announced at the 2024 Global Standards Symposium.

Technical Deployment Guideline

• 00:05:44 FNS Value and the ITU are working on a technical guideline that will assist regulators and DFS providers in implementing blockchain-based authentication. The guideline aligns with ITU draft recommendations (X.aota and X.accs) and provides implementation requirements for passwordless authentication, aiming to facilitate the seamless integration of secure authentication solutions.