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Samsung SDS Introduces Blockchain Platform to Overseas Markets
A Blockchain Platform with Diverse Applications
Samsung SDS Introduces Blockchain Platform to Overseas Markets
  • By Kim Eun-jin
  • March 26, 2020, 11:03
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Samsung SDS is stepping up efforts to introduce its self-developed blockchain platform NexLedger Universal to overseas markets. The platform features high processing speed and strong compatibility and is being applied to all business areas including finance and logistics. Currently, it is being used at home and abroad to handle claims for reimbursement insurance money, track air cargo moves and process payment settlements.

In January, Samsung SDS launched a blockchain-based simple reimbursement insurance claim service. It is a service where users claim insurance money with their smartphones without using paper documents. It is based on the NexLedger Universal Blockchain Platform. It is convenient because everyone can use it without installing a separate application. This solution saves hospitals unnecessary documents such as receipts for medical expenses and insurance companies the risk of receipt forgery as it requires no manual work to verify supporting documents.

NexLeisure Universal has significantly improved the vulnerability of blockchain transactions. It heightened the transaction speed per second (TPS), which was lower than that of a general network, and also connected various blockchain technologies such as hyper ledger fabric and Ethereum.

Samsung SDS has been carrying out the project of connecting the air cargo blockchain platform of Tianjin Airport in China and the customs clearance service of Incheon International Airport. The air cargo blockchain platform of Tianjin Airport was built by OneConnect, an IT subsidiary of Ping An Insurance in China based on NexLedger Universal. This project will be linked to the construction of a Korea-China blockchain trade network. The network will be used as a standard Korea-China blockchain-based trade network in the future.

In addition, Samsung SDS has developed the Deliver platform in collaboration with the Netherlands Rotterdam Port Authority and ABN AMRO Bank to connect different blockchain networks such as NexLedger Universal, HyperLedger Fabric, and Ethereum.

Furthermore, Samsung SDS signed an agreement with global company Credorax earlier this month to cooperate in the blockchain- and robot process automation (RPA) solution-based payment and settlement platform business. Credorax headquartered in Israel provides services for processing transactions such as payments and settlements that occur during card payments in more than 30 countries in Europe, and also engages in business in the United States, Japan, and China. Through this cooperation, the two companies will jointly explore new business opportunities in the e-commerce, banking, and fintech industries in the European market.