One subsidiary of Samsung Group, Samsung SDS, which provides information technology services, is now launching a new digital finance platform which is going to be powered by artificial intelligence (AI), as well as blockchain technology.

Nexfinance, the new platform

The new platform known as Nexfinance is going to offer services like digital identity management, as well as a finance concierge, and automatic insurance payment. While the latter two services are going to use AI, Samsung SDS claims that it is going to use blockchain technology, to ensure secure transmission of personal information for the digital identity service.

The finance platform is also going to be open-source so that the clients will have the ability to apply third-party solutions. At one press event in Seoul on the 4th of June, a Samsung SDS official stated that their new platform, Nexfinance, is a platform which permits the smooth application of new IT technologies and different external solutions, allowing financial institutions to actively and flexibly respond to a rapidly changing economic IT environment. He said that they provide the highest level of security with the applying of the technology for forgery and falsification preventing and mutual authentication, based on the blockchain technology.

Working on blockchain projects for the Seoul Metropolitan Government

Another thing which is worth noting is that this is not the first time that Samsung SDS incorporated blockchain technology in its services. Previously, it has developed a blockchain for Samsung’s credit card subsidiary and also worked on a blockchain project which was for the Seoul Metropolitan Government.

In 2017, the company launched its business-to-business (b2b) blockchain platform, which was called Nexledger, which also provided digital identity verification as one of the services.

Increasing competition

However, the competition has increased since then. Technology giant Microsoft has announced a plan-in-motion to use blockchain for securing digital identity in February 2018. The ID2020 initiative of the United Nations, which also has Microsoft, IBM, and Accenture as its partners, is also using blockchain technology to solve privacy and security problems connected with identity management, together with a host of blockchain startups that are working on digital identity.

It is going to be interesting to see what Samsung SDS comes up with as part of their new service, with such rise in competition.

It is not just the subsidiary which is interested in blockchain technology though. Earlier this year the reports surfaced, saying that Samsung is also manufacturing cryptocurrency mining equipment.

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