Samsung Launches “NexFinance” Blockchain Platform For Streamlining Finance Business

Samsung SDS’s decision to launch a second blockchain platform named “Nexfinance” to aid financial institutions in collecting, organizing and protecting financial information validates that the world is moving towards a digitized form of living.

Popularly known as Samsung’s Information Technology or IT branch, Samsung SDS provides a wide range of IT amenities including consultation, technical and outsourcing services. SDS continues to expand as it uses blockchain technology to develop Nexfinance to secure confidential information for the financial establishments.

Hong Won Pyo – the president of Samsung SDS provided valuable information on the intention behind creating Nexfinance and its usage at a press release. Dr. Won Pyo mentioned that Nexfinance combines advanced and safe technologies such as artificial intelligence (AI), big data analytics and automatic intelligence processes with blockchain technology to create a more advanced, yet secure platform. Combining these path-breaking systems with blockchain technology allows Nexfinance to offer a wide array of services.

The services offered promise greater customer satisfaction, better collection and storage of information and transparency to the process of handling financial assets by financial institutions. All these benefits will be enjoyed by customers because Nexfinance also includes digital identity, automated payments for insurance, virtual assistance through artificial intelligence and allows customers to apply third party solutions through the integration of the blockchain technology used to create this platform. Furthermore, Nexfinance also offers added security by implementing forgery preventive technology and using a dual authentication system to reduce the risk of hacking. In addition, Nexfinance is structurally flexible, as it will continue to adapt to the changes in the IT world.

Clearly, the introduction of a platform such as Nexfinance will increase competitiveness within the financial sector. Such a progressive and safe blockchain platform will attract customers who are worried about the security of their personal and financial details. This transparency between customers and their organization is bound to increase customer service and, subsequently, customer satisfaction.

The innovative use of cutting edge technology like blockchain is forcing the world to completely change the historical approach towards existing processes. A simple example would be – how using a public decentralized record keeping system on blockchain network guarantees better organization of stored information in comparison to the ancient methods that comprised of hand written documents and filing cabinets.

However, this is not Samsung’s first initiative in integrating blockchain technology to their IT platforms. Just last year, Samsung SDS launched “Nexledger” – to assert their association and trust in the blockchain technology. Not only are these developments changing the face of operations within financial institutions, but, according to an article on CCN, the Korean government chose Samsung to develop a comprehensive “Information Strategy Plan (ISP)” for Seoul’s administration effectiveness. The entire purpose is to increase government efficiency and convenience while at the same time encourage and support transparency between citizens and the authority.

While many would have thought that blockchain technology was only limited to cryptocurrencies and other financial divisions, the Korean government has managed to find a creative way of using this extremely secure technology to increase the standard of living for its citizens and managing administrative operations better. All in all, this shows that the skeptic opinions pertaining to blockchain technology might be proven wrong as more agencies and industries begin to adopt it and utilize it in unique ways.

Samsung is the largest South Korean conglomerate headquartered in Samsung Town, Seoul with an annual revenue of $305 billion (based on 2014 results). It has already proven its leadership in the field of software systems, memory business, smartphones, semiconductor manufacturing, home appliances, life insurance to name a few. Samsung entering into blockchain business is another indication of the potential of this upcoming field.

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Sakshi Viswanathan

A professional of Economics and Psychology, Sakshi is also a blockchain and crypto enthusiast. When she isn't learning more about the world of digital currencies, she likes to spend her time dancing, or trying her hand as an amateur baker!

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