Samsung’s enterprise technology arm is building a solution for merchants and banks across the European Union based on blockchain settlements.

Samsung SDS had signed a Memorandum of Understanding to develop the solution with Israeli fintech solutions provider Credorax, aimed at creating efficiencies by automatically logging payment data into bank records and ledgers, Korea Herald reported on Wednesday.

Blockchain-Based Solution Will Work on Samsung SDS’ Nexledger Universal Platform

The product, which has not yet been publicly named, will work on the Nexledger Universal platform of Samsung SDS, the proprietary blockchain which was first unveiled in 2017. Work processes will be automated using the Brity Works, another Samsung SDS company’s AI technology.

Hong Won-pyo, president and chief executive of Samsung SDS, told local media that the agreement with Credorax, which has already provided solutions to companies across the European Union and a broader economic area, will allow the Korean tech company to gain a foothold in the payments sector in the region.

“Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation,” he said.

In February, Samsung SDS changed its association articles to include e-finance as one of its principal business areas. The value of SDS grew by $3.7 billion in 2019, a rise above average for the broader tech sector. Chief Strategy Officer I m Soo-hyun, speaking with the Korea Herald, attributed the company’s good fortunes to successful inroads into AI and blockchain technology.

Samsung SDS announced in November 2019 that, through a partnership with Israeli-based QEDIT, it would enhance privacy on Nexledger to integrate zero-knowledge proofs into the platform. A processing system for medical claims built on top of the Nexledger platform, launched in late last year.

Similarly, StormX has announced StormShop’s integration for its iOS and Android users, enabling them to earn cryptocurrencies back when shopping online.

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