On 4 June it became known that Samsung launches its own blockchain platform called Nexfinance designed for financial business. The project has been a subsidiary of the IT division of South Korean company Samsung SDS.

The new platform will serve the needs of financial institutions, seeking to change the structure of your business with the help of advanced technology. In addition to the blockchain Nexfinance also uses artificial intelligence tools for big data technology and intelligent automation of processes.

“Samsung SDS is going to launch its own financial business, using a digital platform Nexfinance. The platform combines new technology and proven. It will be a way to solve many problems of organizations”, — commented on the statement by the Vice-President of Samsung SDS, Yu Hong-Yun (Yoo Hong-jun).

Platform need most Samsung SDS, which aimed at the full implementation of blockchain solutions in the business. In April, the company said that they would like to apply the technology in their own work with the supply chain. According to preliminary calculations, this could reduce delivery costs by 20%.

In addition, Samsung is still determined to expand their presence in the field of cryptocurrency. Early in the year there appeared information that the South Korean giant launched the production of ASIC chips for mining bitcoins and other cryptocurrencies. In April, the company confirmed the information and announced that it is supplying the chips Chinese manufacturer of equipment for mining Mining Halong.