Verification procedures over the blockchain technology do not require any kind of approval from third parties. As all the data stored over the blocks are time stamped this made it favourable for big league players such as Samsung to get attracted towards the latest technology.
With the view of aligning Samsung’s transformation procedure with latest market trends, the president and CEO of Samsung SDS, an IT and consultancy arm of the South Korean tech under the parent group, Samsung. The firm uncovered the benefits of the blockchain and decided to diffuse blockchain as one of the key advancements for its “Computerized Transformation Network.”
The latest improvement was publicized during president and CEO Hong Yuan Zhen’s keynote speech at Samsung’s Real 2019 event held in Seoul.
In an official statement published during the event, Samsung added that its Digital Transformation Framework will be integrating the blockchain based mechanical arrangements in order to take advanced development steps specifically in the areas, for example, fabricating, advertising/deals and the board frameworks, among others.
Hong Yuan Zhen has recently confirmed during his conviction that blockchain can improve profitability in the assembling business, correspondingly contextualizing its potential inside the setting of its mix with AI.
The Samsung SDS arm had recently dug into blockchain by means of a collaboration with a major Dutch bank ABN AMRO on a pilot project to utilize the innovation for transportation. In summer 2018, Samsung SDS propelled its very own blockchain platform for fund related organizations, “Nexfinance,” just as a fresher blockchain execution is underway that objectives the logistics business.
Later in April, the subsidiary launched “Nexledger Universal,” another form of its venture blockchain platform, that offered an application programing interface that can be connected to various blockchains, for example, Ethereum, Hyperledger Fabric and the company’s own Nexledger Consensus Algorithm.
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Samsung entry into the blockchain business will pull many major companies to integrate their operations with this technology in the offing.