Samsung launches financial blockchain platform

Samsung SDS, a subsidiary of the Samsung Group that provides information technology services, is launching a new electronic financial platform based on a distributed ledger, which will be equipped with artificial intelligence (AI).

The platform, called Nexfinance, will offer the following services:

-Digital Identity Management

-Financial Concierge Services

-Automatic Insurance Payments

According to Samsung SDS, while AI will be integrated into the latter two services, blockchain technology will be used to securely transfer personal data to the digital identity service.

Financial Platform will run on open source software, so customers can resort to third-party solutions. At a press conference in Seoul, Samsung SDS said:

“Nexfinance is a platform that makes it easy to apply new IT technologies and various third-party solutions, allowing financial institutions to quickly and flexibly manage the rapidly changing needs of this environment. We provide the highest level of security using technology that does not allow counterfeiting and falsification - blockchain.”

It is also worth noting that Samsung SDS is not the first to use blockchain technologyto ensure the operation of its services. Previously, the company developed a platform operating on this basis for Samsung credit cards, and also worked on a blockchain project commissioned by the Seoul municipal government.

Last year, the company launched its own b2b (business to business) platform called Nexledger, the list of services of which also includes digital identity verification. 

Be that as it may, since then the competition has only intensified. Microsoft announced the start of work on the long-awaited digital authentication mechanism and personal data protection in February of this year. Previously, the ID2020 program was also created, the participants of which are Microsoft, IBM and Accenture, the goal of which was to create a digital identity system accessible to everyone by 2020.

Obviously, it will not be easy for Samsung SDS to cope with this increase in competition. It will be interesting to see what their next move will be and what they will come up with to improve the quality of their service.

By the way, not only the subsidiary is interested in blockchain technology. Earlier this year there were reports that Samsung were also producing equipment for cryptocurrency mining.

According to techradar