Samsung Adds Blockchain Tech To Its Enterprise IT

| Publish date: 05/09/2019

Samsung is one of today’s tech giants that are constantly looking for possibilities to utilize the blockchain technology. Interestingly, the company is planning to make a huge move in the industry, as it plans to add the tech to its enterprise IT offering and/or solution packages. Here is everything about it in a nutshell.

Adding Blockchain Tech

According to an official report, the tech giant revealed at the Samsung Real 2019 event, which was held in Seoul, its plans to add blockchain technology. The decision to do so was further explained by Hong Won-Pyo, who is Samsung’s very own CEO.

The formerly known Samsung Data Systems called Samsung SDS is expected to be the IT consulting arm of the tech firm. Apparently, it has started exploring the technology for quite a while now. The company added that the newly revealed package of tools will be dubbed “Digital Transformation Framework” and are going to highlight a deluge of updates.

These updates, in particular, include the likes of next generation ERP/IPA/SCM and Intelligent enterprise. Even more so, the aforementioned updates from the package of tools will feature innovative platforms (i.e. blockchain, IoT, and AI) and intelligent factory (plant intelligence/plant/logistics), as well as the promised cloud security.

Benefits of Blockchain Tech

According to the CEO of Samsung SDS’ Nexledger project named Hong Hyeong-Jin, blockchain is the type of technology that can be utilized a variety of areas in a business. This includes, but not limited to, distribution, finance, logistics, and manufacturing. The executive added that they are working on upgrading the firm’s very own blockchain platform at Nexledger in an attempt to accommodate the demand.

Changelly - Exchange cryptocurrency at the best rate

It is worth noting that Samsung has been working in the blockchain industry for months. In fact, it decided to release the Nexledger Universal, which is specifically designed in a way that it can be used as the company’s go-to consensus algorithm. The latter, in particular, is called Samsung SDS Nexledger Consensus Algorithm (NCA). Moreover, the project is said to be capable of working alongside Ethereum and Hyperledger Fabric blockchains.

Hyeong-jin states that digital convergence is currently “accelerating.” As such, there is a need for all convergence services to be expanded across different industries. He further went to say that blockchain tech is being leveraged in financials where payments processed via distribution and manufacturing. Samsung revealed that they would upgrade its own Nexledger so it can meet customer needs.


Related Posts

Survey Says South Koreans Invest $6k In...
South Korea is among the few countries in the…
Coinbase Got Backed By $300m Raise
Apparently, Coinbase was successful in acquiring a $300 million…
Andreessen Horowitz Backing Blockchain Startup
According to mainstream media, venture capital firm Andreessen Horowitz…

Leave a Comment