Samsung SDS to apply blockchain to e-contract system
[THE INVESTOR] Samsung SDS announced on Aug. 10 that it has signed a contract to apply its proprietary blockchain platform Nextledger to the e-contract management system of its sister firm Samsung SDI.
Blockchain is regarded as highly secure as it allows participants in the network to verify and encrypt data and store it in a distributed ledger.
Through the new agreement, Samsung SDS will be able to establish a more transparent document management platform for the standardized global blockchain contracts and plans to apply it first at Samsung SDI’s overseas subsidiaries.
“We plan on implementing the blockchain technology in China by the end of this year and will expand to other countries afterward,” said Samsung SDS Managing Director Song Kwang-woo.
Samsung SDS has been focusing on blockchain technology since 2015. It began commercial services in partnership with Samsung Card this year and has also joined a consortium with local logistics, IT companies and government agencies to apply the technology in shipping and logistics sectors.
By Alex Lee (email@example.com)