Samsung unveiled its latest and greatest development in Blockchain technology as it revealed the Nexledger project, which is a business to business communication solution developed by the IT subsidiary of the conglomerate. Started in 2015, the project is one of the biggest solutions to come out of research into Blockchain technology undertaken by Samsung which also involved the purchase of Blocko as a means of commercializing Blockchain technology.
The Nexledger platform is supported by the likes of Nexsign which will allow client side authentication to gain access to access a number of services such as Azure, Amazons AWS and the IBM Bluemix platform as seen below. Currently Samsung anticipates slow rates of adoption before the Blockchain technology gains traction in financial markets and environments as new technology such as the Blockchain will have to be refined before it becomes secure and versatile to accommodate the expanding needs of businesses.
“In developing our blockchain platform, we thought hard about how to merge our strengths and know-how from our system integration service expertise with the advantages of blockchain technology,” said Song Kwang-woo, vice president of finance consulting and distributed ledger technology at Samsung SDS, in a press conference.
“We believe blockchain technology will have the greatest impact among businesses that involve a large number of data exchanges,” Song said.
To conclude the Next Ledger platform will bring the power of Bitcoin and Bockchain technologies to an industrial environment as it aims to serve as a payment gateway making full use of Blockchain and biometric technologies. Launched by the Samsung groups IT subsidiary it aims to provide business to business communication removing the middlemen who often make corporate transactions much more costly and inefficient. The group has also announced the development of the Nexsign and Samsung card products which will aim to compliment and build on the release of the Nexledger platform.