Samsung SDS, the IT subsidiary of electronics giant Samsung has launched Nexledger, its blockchain platform for enterprises and business, alongside blockchain-based biometric ID and payment services on Thursday.
Samsung SDS, the IT subsidiary and solutions provider to South Korean conglomerate Samsung Group has launched its business-to-business blockchain platform. Titled ‘Nexledger’, the platform is developed for enterprises and corporations and can be put to use beyond the financial sector into other industries, the company said today.
According to the Korea Herald, the blockchain platform is a cloud computing solution that corporations can use to build their own services as an added layer. The commercial launch of Nexledger coincides with Samsung’s Nexsign, a biometric authentication solution based on the Nexledger platform. Biometric data is encrypted and recorded on the company’s blockchain platform, enabling users to gain access to a multitude of financial services with a single ID authentication. Samsung has already tested its identification technology with Samsung Card, the conglomerate’s credit card company.
In quotes reported by the publication, Song Kwang-woo, vice president of finance consulting and distributed ledger technology at Samsung SDS, stated:
In developing our blockchain platform, we thought hard about how to merge our strengths and know-how from our system integration service expertise with the advantages of blockchain technology. We believe it blockchain technology will have the greatest impact among businesses that involve a large number of data exchanges.
Samsung SDS began its endeavor into developing blockchain technology in 2015, with the creation of its own distributed ledger division. In mid-2016, the company invested in prominent Korean blockchain startup Blocko. The investment and subsequent work with Blocko was a means to support commercialization of emerging blockchain technology in various sectors including IoT,” the company said at the time.
Earlier this year, CCN.com reported on a new joint-venture between the two companies to develop blockchain solutions for digital money, payments and identify. Notably, the two companies have been working toward applying the Nexledger blockchain platform to Samsung Card, since October 2016.
Samsung SDS and Blocko have already built a membership authentication service based on its blockchain ID platform and plans to launch a ‘blockchain digital swap system’ for Samsung Card members in the near future.
Featured image from Samsung SDS.
Last modified: May 21, 2020 9:56 AM UTC