Samsung Unveils Blockchain; AI Platform Nexfinance

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The IT part of the South Korean Samsung Group, Samsung SDS, has already announced their plans to launch the Nexfinance which is a platform that leverages blockchain with artificial intelligence (AI) technology in using cases in the digital finance space.

Speaking on Monday during a media day event, Samsung SDS financial division head Yoo Hong-jun said:

On a Monday event, Samsung SDS financial division head Yoo Hong-jun has spoken on the issue.

“We are planning to move forward with the digital financial business through Nexfinance, a digital financial platform that combines proven and new technologies,” he said.

The system of Nexfinance will be revolving around working on solutions such as forming a digital identity. An AI virtual assistant which will be the finance concierge, shall automatically insure the payment. This is a platform that will engage their support on financial companies in dealing with driving digital transformation through a more secured manner.

This type of technology, Blockchain technology, will be leveraged as a platform’s digital identity that will be a solution while the AI’s big data tools shall be supporting services such as finance concierge and automatic insurance.

A representative of Samsung SDS said that, “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 have completed the design for Nexfinance aimed at the insurance industry and we will continue to put in efforts to innovate the digital finance industry,” said Samsung SDS CEO Hong Won-pyo.

In the previous year, Samsung SDS has stated in their announcement that they are working with the Seoul Metropolitan Government in using blockchain for the administrative management of the city. The local authority also plans to move a number of the administrative areas to blockchain by the year 2022, including transportation, public safety and welfare.

Meanwhile, an IT subsidiary of Samsung, Nexledger is another previously developed blockchain platform that offers digital payments, identity and authentication solutions to enterprise their customers.

In the month of April, some reports also stated the flagship company of the Samsung Group, Samsung Electronics, which intends to build their own platform for blockchain in supplying the chain management in the shipping industry.

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