Monday, April 15, 2019

Samsung SDS Forays into India’s Blockchain Market with Its Nexledger Platform

Samsung SDS Forays into India’s Blockchain Market with Its Nexledger Platform

Though the government of South Korea has a rather controversial approach towards cryptocurrencies and their potential future, it deeply believes in the capacities of blockchain to bring positive changes to different spheres of our life. And governmental investments in the development of blockchain technology is one of the proofs of this thesis.

The country’s major companies also are very positive about blockchain.

Samsung SDS Partners with Tech Mahindra

As it has become known Samsung that is the largest company in South Korea has taken a decision to enter in cooperation with Tech Mahindra, an IT giant from India, with a view to obtaining access to the overseas blockchain market.

According to the announcement, Tech Mahindra that provides digital transformation, consulting and business reengineering services and solutions will help Samsung SDS to place its blockchain platform called Nexledger in both the Indian and global market.

In the future, Samsung is planning to ensure the use of Nexledger blockchain platform not only in the region but in the United States and Europe as well.

Moreover, the two companies will join their forces to work on further Nexledger updates.

What Is Nexledger

Let us remind you that SDS, the systems integration arm of Samsung,  launched its blockchain platform in 2017 to be used within various industries for a wide range of customizable use cases.

Nexledger provides developers with flexibility and freedom of choice: they can opt for the most appropriate variants from different blockchain core technologies and consensus algorithms including NCA (Nexledger Consensus Algorithm), Hyperledger Fabric and Ethereum.

Since its launch, it has been mainly used in such spheres as the financial, logistics, and public sector.

It’s also worth mentioning that the Korea Customs Service also tested the solution for its export customs logistics services. Various public agencies, shipping, and insurance companies also took part in the trial.

The management boards of the two companies expressed their excitement about the upcoming joint work.

Mahn Chey, President of Samsung SDS India, stated:

 “We are proud to announce our joint efforts to promote Nexledger in the global market with Tech Mahindra. As a company that believes in the value the blockchain technology will bring, Samsung SDS has dedicated its efforts to develop a blockchain platform, Nexledger, that meets the enterprise needs in the business sector.  Together with Tech Mahindra, we look forward to delivering blockchain powered digital transformation to our clients.”

“We are delighted to partner with Samsung SDS and look forward to leveraging their market research, proprietary Blockchain platform Nexledger that has proven ability to automate a complex Blockchain network deployment and maximise transactions not only on their native platform but also on Hyperledger and Ethereum”, added Rajesh Dhuddu, Global Practice Leader, Blockchain at Tech Mahindra.

Mahindra’s Activities

As for Mahindra, at the moment it is actively working with the new technologies, according to the reports, 70% of its employees have relevant skills and knowledge to work with such demanded tech aspects as blockchain, AI, Internet of Things and cybersecurity.

Previously, it has worked with IBM blockchain technology. It has used this tech to develop a solution for discounting invoices between its auto division and suppliers.  By the way, as for autos, in 2011, it took over one of the South Korean largest auto manufacturers SsangYong.

Samsung SDS Forays into India’s Blockchain Market with Its Nexledger Platform

Samsung SDS Forays into India’s Blockchain Market with Its Nexledger Platform

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.

Blockchain 101 · Crytpo Currency Market
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange