The IT division of Samsung, Samsung SDS, has launched an artificial intelligent blockchain technology platform for financial enterprises and institutes as part of a larger set of plans to innovate and aid the digital finance sector.

Dubbed Nexfinance, this new blockchain-based finance platform will offer services like automatic insurance payment, AI (artificial intelligence) virtual assistant, finance concierge, and digital identity. Its digital identity service is based on blockchain and will protect customer identity while the AI will handle work like finance concierge, which along with data analytics will help clients manage their assets.

The platform will make use of the blockchain technology to transmit and store personal information, thus harnessing its potential to deliver additional authentication and preventing fraud. According to Samsung SDS, Nexfinance will be an open platform where clients will be able to apply third-party solutions.

The platform uses a private blockchain system that ran on the Nexledger Consensus Algorithm, which was a blockchain-based transaction platform, Nexledger, in 2017. In the same year, Samsung won a contract to produce a municipal administrative platform based and secured by the blockchain technology within the city of Seoul.

Overall, Samsung states that the platform will be able to support companies as they start digitizing their operations. For a wider user base, the AI-blockchain platform could integrate and track personal finance records from various institutions, manage loyalty programs via concierge features and virtual assistance, and provide product recommendations.

CEO of Samsung SDS, Hong Won-Pyo, states that new technologies, like blockchain, AI, and biometrics, are urgently bringing out the need for a stable and fundamental innovation in the international finance sector today.

Samsung explained the endeavor at a press conference held at Jamsil Campus, Seoul, on 4th June 2018. The company proclaimed that Nexfinance is being aimed to increase competitiveness in the world of digital financial service and was developed in collaboration with the ‘financial sister companies’ of Samsung.