Samsung SDS introduces blockchain-driven finance platform to improve IT processes
Nexfinance is flexible, meaning it can adapt new IT technologies and various external solutions.
Samsung SDS, the IT services subsidiary of electronics company Samsung, has launched a new digital finance platform based on artificial intelligence and blockchain technology to encourage digital innovation.
Nexfinance aims to assist financial institutions to analyze big data and improve IT processes by providing services such as digital identity, a financial concierge, AI virtual assistants and automatic insurance claims.
Diving deeper, Nexfinance’s digital identity service is a blockchain-based identification system that safely and securely transmits client’s personal information. The financial concierge manages financial assets via artificial intelligence and comprehensive data analysis mechanisms. The AI virtual assistants helps to automate many timely procedures, which allows institutions to spend more time focusing on improving customer experiences.
The Nexfinance platform is flexible, meaning it can adapt new IT technologies and various external solutions. This elasticity enables financial institutions to easily respond to the ever-changing financial landscape.
Security is paramount and Nexfinance utilizes forgery prevention and joint authentication technology.
Throughout 2018, Samsung SDS has been working on a co-certification blockchain project for the Korea Federation of Banks Association. The tie-up began last year with the Blockchain User Authentication System.
Samsung SDS began examining use cases for blockchain a few months ago, with a particular focus on using it to manage the company’s global supply network. It had been estimated to reduce shipping costs by 20%.
In January this year, Samsung reportedly entered into a contract to manufacture specific-use cryptocurrency mining hardware to supply a Chinese company, growing competition in a monopolized market. Samsung completed the development of its semiconductor ASIC (Application Specific Integrated Circuit) chips late last year, beginning mass production from January. ASIC chips are designed to mine cryptocurrencies.
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