Samsung SDS to Apply Blockchain to Manufacturing
Published2017.08.10 12:07Samsung SDS has signed a contract to apply its self-developed blockchain platform, Nexledger, to Samsung SDI's electronic contract system.
Samsung SDS stated that it is significant that it is the first domestic company to apply blockchain to the manufacturing sector, following finance and logistics.
Following the first commercialization of its blockchain platform, Nexledger, to financial institutions earlier this year, Samsung SDS is also applying it to a shipping and logistics blockchain consortium in late May, which includes Korea's leading public, private, and research institutions involved in logistics, such as the Korea Customs Service, the Ministry of Oceans and Fisheries, the Korea Maritime Institute, the Busan Port Authority, and Hyundai Merchant Marine.
Through this contract, Samsung SDS plans to establish a standardized global blockchain-based contract document management platform and prioritize its application to the electronic contract systems of Samsung SDI's overseas subsidiaries.
Once the global blockchain platform is completed, Samsung SDI will be able to review the electronic contract laws and regulations that differ in each country and secure a contract management system that can be widely applied.
Samsung SDI also utilizes blockchain technology, characterized by its security, to prevent forgery or alteration of various contract documents registered in the electronic contract system, enable easy verification of authenticity, and secure non-repudiation for the contracting party.
Song Kwang-woo, Senior Vice President (Head of Financial Business Team) at Samsung SDS, stated, “We plan to apply blockchain technology to China within this year and then expand it to other countries,” adding, “In particular, our blockchain technology and execution capabilities are so advanced that we received an invitation to deliver a keynote speech from the organizers of ‘Money 20/20 Europe,’ Europe’s largest global financial conference, last June.”He emphasized that he possesses the capability.
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