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Samsung SDS Becomes First Korean Company Joining Global Blockchain Alliance
Blockchain Alliance
Samsung SDS Becomes First Korean Company Joining Global Blockchain Alliance
  • By Cho Jin-young
  • May 24, 2017, 03:15
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Samsung SDS has become the first South Korean company joining the Enterprise Ehtereum Alliance (EEA) alliance.
Samsung SDS has become the first South Korean company joining the Enterprise Ehtereum Alliance (EEA) alliance.

 

The Enterprise Ehtereum Alliance (EEA) announced that Samsung SDS Co. has become the first South Korean company joining the alliance at the Consensus 2017 Blockchain Summit held in New York on May 22 (local time).

The EEA is a global alliance founded by 30 global corporate giants such as Microsoft, Intel, JP Morgan and ING to jointly develop enterprise blockchain solutions based on the Ethereum technology, which is considered a key protocol for the blockchain.

In the past, financial companies recorded financial data and transactions at its servers so there were high risks of hacking. However, blockchain enables data sharing across a network of individual computers rather than focusing on the server of specific companies.

Samsung SDS was selected as a new member of the alliance as its ability to develop digital identification card and payment services based on "Nexledger TM," the company’s blockchain platform for corporations, and to actually run the platform in Samsung Card’s digital payment services was highly esteemed.

With the participation in EEA as a member, Samsung SDS aims to increase the technology competitiveness of "Nexledger TM" as well as find new business opportunity in the global blockchain market through partnerships with global partners.

In particular, the company plans to expand “smart contract” modules which digitalize various contracts, which are the foundation of all economic activities, and have a lower risk of forgeries and alterations. First, it will expand the modules from the financial sector, including banking service, stock trading and insurance screening and payment, to the sectors in which the reliability of contracts between contractors is the most important such as public service, medical care, manufacturing and distribution.