Samsung SDS joins blockchain alliance
By Lee Min-hyung
Samsung SDS President and CEO, Chung Yoo-Sung
Samsung SDS has become a member of a renowned blockchain alliance in order to boost its presence in the cryptocurrency technology industry, the company said Tuesday.
This is the first time a Korean company has joined the Enterprise Ethereum Alliance (EEA). It enables Samsung SDS to participate in this year’s three-day Consensus Blockchain Summit, which started Monday.
Under the goal of establishing corporate-level blockchain databases, about 30 technology and finance companies — including Microsoft, Intel JP Morgan and ING — formed the organization.
Samsung SDS joins the ranks of the industry-leading companies, in recognition for widely adopting its patented blockchain security platform, Nexledger, into financial services for Samsung affiliates like Samsung Card.
Blockchain is the talk of the financial town as an emerging electronic ledger technology. It has especially attracted attention because it underpins the well-known digital currency, Bitcoin.
Under partnerships with EEA member companies, Samsung SDS said it will go all-out to find new blockchain-related revenue areas.
In particular, the company plans to raise awareness of what it calls “smart contract modules” that digitize all existing contracts.
With the smart modules, the company believes it can diversify its revenue streams into various sectors including banking, medical insurance and retail business.
“Samsung SDS is credited for its advanced blockchain technology and business capabilities by joining the EAA,” Samsung SDS President Hong Won-pyo said. “We will remain more aggressive to penetrate deeper into the global blockchain industry.”
Last month, Samsung SDS unveiled the Nexledger and blockchain-based digital identity and payment services for enterprises.
The company explained its new services allow clients to conduct a large amount of transactions in a safe and easy way. Customers can also monitor and keep track of the whole transaction process in real time.
Samsung SDS is also planning to combine artificial intelligence into the blockchain technology by launching a new mobile financial concierge service this year.
The service will be used to recommend financial instruments tailor-made for individual customers by analyzing their shopping patterns and personal tastes.
Samsung SDS is one of the first movers for the blockchain industry, having launched a new unit dedicated to developing the cryptocurrency technology in 2015.
Since then, the system integration unit of Samsung has expanded its blockchain footing by joining blockchain open-source development consortiums and investing in relevant startups.
The company holds seven patents on blockchain technology and plans to apply for international patents, too.