Samsung Joins the Cryptocurrency Craze with Blockchain-Based Finance Platform: Nexfinance
Samsung SDS is a subsidiary of the information technology group Samsung, which is fairly prominent in the industry. In an effort to create a new sector to their specialties, Samsung SDS has announced a new platform that they are developing, which will include artificial intelligence and blockchain technology.
The platform will be called Nexfinance and will provide services like a financial concierge and automatic insurance payments. Some of the options will use AI, while others will still integrate blockchain technology. The blockchain is primarily meant to protect the user’s personal details when they verify themselves through a digital identity software.
This opportunity will be performed on an open-source platform, which means that users will be able to get support from third-party source. In an official press release in Seoul, an official from Samsung SDS stated,
“Nexfinance is a platform that allows the easy application of new IT technologies and various external solutions, allowing financial institutions to actively and flexibly respond to a rapidly changing financial IT environment. We provide the highest level of security by applying technology for forgery and falsification prevention and joint authentication based on blockchain technology.”
Even though this effort has made headlines around the crypto world, it is not the first time that Samsung SDS has integrated this type of technology. Most recently, they created an algorithm and blockchain for the credit card subsidiary, while also providing services for the Seoul Metropolitan Government. Nexledger has actually been publicly active since last year.
Since Nexledger was originally developed, the competition on the market has gotten more intense, with Microsoft discussing their plan to protect digital identities with blockchain only a few months ago.
There is also the ID2020 Initiative in the United Nations with partnered with Microsoft, IBM, and Accenture in an effort to use blockchain technology to solve the security and privacy breeches. With other companies pushing for the same technology in their efforts, it will be interesting to see how Samsung SDS pushes ahead – and if any limitations arise with blockchain distributed ledger technology.
Along with their efforts to use the blockchain technology, reports show that Samsung SDS also is interested in developing mining equipment.