Samsung SDS, a subsidiary of the Samsung Group, recently revealed their new blockchain-based finance platform, Nexfinance. This innovative new platform will use blockchain together with Artificial Intelligence. It will offer technological solutions for the digital finance sphere.
Nexfinance will offer services such as digital identity management, an AI virtual assistant, a finance concierge and automatic insurance payment. As well as assisting financial companies to drive digital transformations more securely.
At a recent press event in Seoul, a Samsung SDS official described the new technology as:
“… 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.”
The platform is primarily aimed towards the insurance industry as well as the digital finance industry.
Samsung and Blockchain
It’s worth noting that this isn’t the first venture that the Samsung Group has taken into blockchain technology. Just last year, they unveiled Nexledger: a blockchain based platform designed to assist with digital transactions by offering digital payments, identity, and authentication solutions. As well as this, they also won an order from Seoul City Government to draw up a roadmap for implementing blockchain into the city’s administrative efforts by 2020.
So, what does this say about the future of blockchain technology in Korea? It’s clear that Samsung chairman Hong Won Pyo is ready to embrace the blockchain revolution and age of cryptocurrency. Now, we’re just left to speculate who’ll be next to follow suit.