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​Samsung SDS unveils a new blockchain-based finance platform called Nexfinance

By
Ash
 - 
Jun 4, 2018

Samsung SDS, the global IT solution and service provider arm of Samsung, have solutions that utilize advanced analytics platforms, AI, and blockchain technologies. Today, they have unveiled a technologically advanced digital finance platform that will be powered by artificial intelligence (AI) and blockchain technology, called Nexfinance.

This new platform will be, according to Samsung SDS, beneficial to companies and other financial institutions as part of their secure digital transformation. The platform will offer various services such as digital identity management, finance concierge, and automatic insurance payment.

Two of the services, finance concierge and automatic insurance payment, will utilise AI. Digital identity is a service available on Nexfinance and will be blockchain-based. This will securely hold customer information and ensure its secure transmission. Nexfinance is also an open platform that will allow clients to apply third-party solutions.

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A Samsung SDS official stated at a press event in Seoul today:

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.

It is worth noting that this is not the first blockchain-based finance service called Nexledger aimed at secure digital transactions for Samsung’s credit card subsidiary. Also, Samsung SDS worked on a blockchain project for the Seoul Metropolitan Government.

Over the coming months, IoT Gadgets will be focusing more on Blockchain technology. If you want to contribute, then please have a read of our "write for us" page and get in touch 🙂

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