Samsung launches blockchain-AI-based financial platform

The South Korean firm explains that finance concierge and automatic insurance payments will utilise AI, and that it will implement blockchain technology to guarantee secure transmission of personal information for the digital identity management service.

“Nexfinance is a platform that allows the easy application of new IT technologies and various external solutions, allowing financial institutions to actively and flexibly respond to a rapidly changing financial IT environment. We provide the highest level of security by applying technology for forgery and falsification prevention and joint authentication based on blockchain technology,” Samsung says.

The platform will be open source to enable clients to apply third-party solutions. Nexfinance is not its first blockchain-based project, as the company previously developed a credit card using the technology as well as a project for the government of Seoul. Last year, it unveiled Nexledger, a B2B blockchain platform to provide digital identity verification services. Samsung is also currently producing cryptocurrency mining equipment.