Samsung SDS Launches A Blockchain Financial Platform Nextfinance

The IT arm of one of the world’s biggest electronics giants, Samsung, recently announced the launch of its latest blockchain platform which is dubbed Nextfinance for financial institutions.

According to recent news, this platform combines existing and new technologies such as big data analytics, artificial intelligence (AI) and intelligence process automation – all in order to help companies in the financial sector and their digital transformation efforts.

The vice president of Samsung SDS, Yoo Hong-jun, recently stated that”

“Samsung SDS is planning to launch its digital finance business through Nexfinance, a digital financial platform that combines proven technology and new technology.”

Nextfinance will be a financial organization that will offer services including digital identity, financial concierge, automatic insurance payments, AI virtual assistants etc. The platform will also be open for developers and clients who want to build third-party app solutions on top of it.

The digital identity behind Nextfinance is recently in the focus, mostly because of its ability to specifically use blockchain-based identification to secure customer information and enable permissioned participants of the blockchain to safely access data.

The CEO of Samsung SDS, Hong Won-pyo also had a say on the new platform, stating:

“We have completed the design for Nexfinance aimed at the insurance industry and we will continue to put in efforts to innovate the digital finance industry,”

The company also revealed that it was carrying out a ‘co=certification’ blockchain project that is undertaken by Korea’s Federation of Banks this year after establishing the blockchain-based user authentication system for Samsung Card which is the conglomerate’s credit card company.