Samsung appears to be investing heavily into blockchain technology. Earlier this year, the company released a new Bitcoin ASIC chip which was later utilized in Halong DragonMint T1 miners. Now the electronics powerhouse has taken another leap forward with its launch of the Nexfinance blockchain platform on June 4th, as the latest Samsung SDS project.
According to the press release, the new digital banking platform is AI-driven, in order to provide a fast, flexible system, under the leadership of company representative, Hong Won. Some of the capabilities of the blockchain platform include big data analysis and intelligent process automation, using artificial intelligence for enhanced performance.
Samsung SDS plans to help financial institutions to become more competitive with their services, using a suite of Nexfinance products including services such as digital identity, financial concierge, AI virtual assistant, and the automation of insurance claims.
The company describes its version of Digital Identity as a blockchain-based ID that can securely transmit personal information. This will likely be a service to meet the KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements of various countries and jurisdictions around the world. This is already a service provided by other companies, such as the Reuters database of 350,000 KYC records, and various other cloud-based and centralized solutions including Arachnys, BAE Systems Inc., Credence ID, and FICO. The question is whether Samsung’s blockchain solution will be better in some aspect than those that already exist.
The Financial Concierge service is described as a financial asset management service that uses AI and big data analysis to make financial recommendations and decisions. The quality of this product will ultimately depend on the algorithmic decisions that the system makes. This would be a direct result of the team and/or partners that Samsung brings into the fold to develop it.
The AI virtual assistant and automatic claim billing system are designed to automate much of the work that is handled manually to some degree by financial institutions today. By integrating these systems, it is expected that a business will be able to provide better, faster and more accurate services to their customers.
Samsung SDS has developed Nexfinance as an open platform. This enables developers to integrate it with external solutions that they may already be using, or new technology that becomes available in the future. With this open system, they claim to provide the highest level of security by applying “forgery prevention and joint authentication technology.” These measures use data and functionality associated with the blockchain.
The company is already working with the Korea Federation of Banks Association. This includes carrying out a co-certification project for the establishment of the Samsung Card Blockchain User Authentication System, which was put in place in 2017.
With this suite of solutions, Samsung SDS will provide financial institutions and fintech companies with the ability to provide a greater level of service to their customers, and a method for maintaining regulatory compliance with less overhead than developing KYC and other solutions in-house. Their technology is already being adopted by financial institutions in Korea, so the only question is whether they’ll be able to capture market share across the international community.
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