Samsung SDS, which is a subsidiary of Samsung Group working on IT services, launches a digital finance platform powered by artificial intelligence (AI) and blockchain technology.
Called 'Nexfinance', the platform offers various services such as digital identity management, finance concierge, and automatic insurance payment.
Blockchain technology leverages for the platform's digital identity solution, while AI works on big data tools to support services such as the finance concierge and automatic insurance.
According to Samsung SDS, the finance platform is open sourced so users can apply them to third-party solutions of their choice.
Samsung SDS CEO Hong Won-pyo said:
"According to a Samsung SDS representative, “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."
This isn't the first time that Samsung SDS develops services using blockchain technology.
Previously, Samsung SDS has created a blockchain for Samsung’s credit card subsidiary, and also worked with Seoul Metropolitan Government to use blockchain for the Seoul's administrative management. The local authority plans to have several areas of administration to blockchain, including transportation, public safety, and welfare.
The company has also launched Nexledger, its Business-To-Business (B2B) blockchain platform which also provided digital identity verification as one of the services.
In collaboration with the Korean government and state-run research centers and logistic companies, Samsung SDS also has a consortium to bring blockchain technology to the country’s shipping industry.
It is not just the Samsung SDS that is interested in blockchain technology, as Samsung also manufactures cryptocurrency mining equipment.