South Korea’s Samsung SDS Co., an IT solution unit of Samsung Group, unveiled its blockchain platform Nexledger for business and blockchain technology-based identification and payment services on Thursday.

The company has been focusing on strengthening its capability in blockchain, a technology considered to be at the heart of the so-called fourth industrial revolution. Blockchain is a type of distributed ledger where all participants share encrypted data without a central administrator to strengthen security at lower costs. Even though it was originally developed for the digital currency Bitcoin, its applications can go beyond financial transactions to virtually every industry.

Samsung SDS’s blockchain platform Nexledger allows companies to provide various services. Its blockchain-based identification and payment services enable massive transaction processing in real time, automated safe transaction and monitoring. Some of its identification technology has already been applied to services of its sister company Samsung Card Co.

Samsung SDS also showcased its biometric authentication solution called Nexsign based on the Nexledger platform. The solution allows users to have access to various financial services with just a single authentication. The biometric information is encrypted in the blockchain platform.

The company has been conducting a project to develop blockchain technology with Samsung Card since October last year. It already launched an electronic document verification system in February and is now developing a membership authentication service using blockchain identification for its partners. It plans to launch various blockchain-based services such as membership points sharing among partners.

By Oh Chan-jong

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]