Samsung’s SDS Nexledger is the Companies Plan to Profit From Blockchain

By on February 9, 2018

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Samsung’s Plan

Over the coming months of 2018 appliance and technology giant Samsung will begin implementing its plan for financial industry relevance by marrying its IT division, Samsung SDS, with blockchain technology.

The company plans to use its biometric authentication solution, Nexsign, to allow users of mobile devices access to multiple financial institutions and several financial services with one simple authentication.

Your digital identity is confirmed using Samsung’s Nexsign giving users the option of 6 digit numeric pin applied with the users biometric fingerprint, iris, or a facial scan for verification.

Blockchain Technology

Customer data will be distributed through participants (miners) in the blockchain. By default blockchain technology requires authentication of abnormalities before approval.

Samsung’s blockchain technology secures the users personal and payment information in a tradtional blockchain manner without the data lag of technology like Bitcoin’s Blockchain; the company claims this creates faster transations with the same level of decentralized security.

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Additional Information

Samsung SDS will be initiating its financial concierge service which uses AI (Artificial Intelligence) to track a members uses and suggest the best financial products, much like IBM Watson should be doing.

Unanswered Questions

Samsung’s claim of decentralized blockchain can only work with 10’s of thousands of miners, independent computers online working to create blocks and distribute data, with no word of the benefit for miners or even how to sign up.

There’s currently no word on any partner or affiliate financial institutions on-board with Samsung’s vision of Nexledger.

(sources: SamsungSDS Youtube Channel | Samsung SDS )

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