Blockchain Finance Platform Unveiled By Samsung SDS

Announcements, Blockchain | June 4, 2018 By:

Samsung SDS, the Internet technology solutions unit of Samsung Group, has announced a new digital finance platform powered by blockchain technology and artificial intelligence (AI).

Dubbed “Nexfinance,” the new platform aims to enhance the competitiveness of the digital financial services provided by financial institutions. It features user applications that would automate a customer’s process of tracking and integrating financial records from different financial companies, getting product recommendations, claiming insurance, and managing credit card loyalty points.

“Digital identity is a blockchain-based identification that can securely transmit personal information,” the company said. “Financial concierge is a financial asset management service that utilizes artificial intelligence and big data analysis. The AI virtual assistant / claim automatic billing automates the financial institution work, making it possible for the customer to provide fast and convenient services.”

Samsung SDS said that Nexfinance is an open platform that will allow clients to apply third-party solutions. It also applies forgery prevention and joint authentication technology based on blockchain technology to provide the highest level of security.

“Samsung SDS is starting digital finance business in earnest through Nexfinance,” said Yoo Heung-joon, digital business chief of Samsung SDS. “We aim to become a partner for the financial industry’s digital transformation.”

Earlier this year, Samsung SDS announced that it will be expanding its logistics business by applying advanced technologies, such as AI and blockchain, to its smart logistics platform. It is also currently involved in a project by the Korea Federation of Banks to form a blockchain ID authentication infrastructure used among all member banks.