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

Samsung, South Korea’s electronics giant is launching its own blockchain platform, Nexfinance for finance-related businesses, the organization reported in an official statement on June 4.

Samsung SDS, the corporation’s IT arm, confirmed that the platform would cater to digital finance businesses hoping to change their structures utilizing cutting-edge innovation.

Yoo Hong-jun, Vice President of finance business at Samsung SDS remarked: “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.”

Also when it comes to blockchain, Nexfinance will fuse parts of “artificial intelligence,” “big data analytics” and “advanced IT technologies, such as intelligent process automation (Intelligent Process Automation),” the press release’’ includes.

The move denotes a further venture into bespoke blockchain advancement for Samsung SDS, which in April uncovered it was also aiming to shake up its own supply network tasks utilizing the technology.

Over its operations, Samsung stays focused on expanding its quality in cryptocurrency related areas. In  April, the organization affirmed it was making the ASIC hardware chips utilized by Chinese industry newcomer Halong Mining in its offer to corner the Bitcoin mining market.