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Samsung SDS to provide blockchain solution to sister firm

2017/08/10 10:14

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By Kang Yoon-seung

SEOUL, Aug. 10 (Yonhap) -- Samsung SDS Co., the IT arm of Samsung Group, said Thursday it agreed to provide "Nexledger," a blockchain solution for corporations, to its sister affiliate Samsung SDI Co.

Under the agreement, battery maker Samsung SDI will apply the Nexledger solution to its electronics contract system.

Blockchain platforms allow participants to share content through the distribution system. It takes less money and time to establish the platform but boasts considerable safety features as the distributed information makes forgeries and alterations extremely difficult.

"It is significant that the blockchain solution is applied for the first time in the country on a manufacturer," Samsung SDS said, claiming the client will be able to manage contract-related documents with more transparency.

Samsung SDS added it plans to ship its blockchain solutions to China within this year, and gradually expand sales to other countries as well.