Samsung Unveils Blockchain Platform to ‘Enhance Competitiveness’ of Finance Businesses

South Korean electronics giant Samsung is launching its own blockchain platform Nexfinance for finance-related businesses, the company announced in a press release June 4.

Samsung SDS, the corporation’s IT arm, confirmed the platform would cater to digital finance businesses looking to transform their structures using cutting-edge technology.

Yoo Hong-jun, Vice President of finance business at Samsung SDS commented:

“Samsung SDS is planning to launch its digital finance business through Nexfinance, a digital financial platform that combines proven technology and new technology. It will be a companion to solve the troubles of the organization."

In addition to blockchain, Nexfinance will also incorporate aspects of “artificial intelligence,” “big data analytics” and “advanced IT technologies, such as intelligent process automation (Intelligent Process Automation),” the press release adds.

The move marks a further venture into bespoke blockchain development for Samsung SDS, which in April revealed it was also planning to shake up its own supply chain operations using the technology.

Across its operations, Samsung remains committed to increasing its presence in cryptocurrency-related areas. Also in April, the company confirmed it was manufacturing the ASIC hardware chips used by Chinese industry newcomer Halong Mining in its bid to corner the Bitcoin mining market.