Samsung launching their blockchain based digital finance platform

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One of the biggest technology companies Samsung is launching their digital finance platform powered by blockchain and artificial intelligence (AI).

The IT department of Samsung Group, Samsung SDS had confirmed their plans to incorporate their business into the digital finance sector using the latest cutting-edge technology.

Their new platform is called Nexfinance, and will offer services like digital identity management, finance concierge, and automatic insurance payment. The company claims that they will utilize the blockchain technology to ensure secure transmission of personal information for their digital identity service.

It will be an open-sourced project so that clients can apply various third-party solutions. A representative from Samsung SDS in the press release event has stated:

” Nexfinance is 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 company had previously launched their business-to-business (b2b) blockchain platform called Nexledger just last year. That project also provides digital identity verification as one of its services.

Competition however is growing. Microsoft had also announced their plans to use blockchain for securing digital identities in February this year.

Samsung SDS had also successfully concluded a 7-month pilot program of tracking the South Korean imports and exports in the shipping industry in December.