Samsung is actively exploring the application of blockchain in the company's core business

Rage Comment : Samsung SDS, one of Samsung's largest subsidiaries, is South Korea's largest global IT solution provider. It has many connections with the security and other advantages of blockchain technology, so it is foreseeable that it will start exploring blockchain. Recently, Samsung Group also organized the CEOs of its subsidiaries to collectively participate in the blockchain seminar course at the National University of Korea. The extensive coverage by the Korean media has made people wonder whether this electronics giant will also get involved in the blockchain field. Although the group spokesperson denied it, the summary of various information can at least confirm that Samsung is interested in blockchain.

Translation: Annie_Xu

Samsung, the multinational conglomerate and South Korea’s largest electronics manufacturer, recently ordered all CEOs of its subsidiaries to attend a blockchain seminar organized by Roh Sang Kyu at Seoul National University to understand and evaluate the impact of blockchain technology on current technology and financial fields.

South Korea’s mainstream media said that Samsung may have already applied blockchain to important corporate operations. Some news websites reported that Samsung will integrate financial services and permissioned blockchain by October at the latest to increase the transparency and security of operations.

However, the Korea Times reported that a Samsung Group spokesperson denied the above report and said that it does not plan to deploy blockchain technology before the end of October. Some subsidiaries of the Samsung Group may have plans to integrate blockchain with IT systems, but the spokesperson stressed that this is the CEO's move and has nothing to do with the group.

Although Samsung Group has denied reports in the Korean media, some of Samsung’s largest subsidiaries, such as Samsung SDS, have invested in blockchain companies in order to understand the concept and its potential.

Samsung SDS’ investment in blockchain development platform Blocko and Samsung Group’s order both indicate that the multi-billion dollar conglomerate is seeking to integrate blockchain into its core processes or operations.

Experts predict that Samsung's financial platforms and start-ups may first integrate blockchain technology to reduce costs for enterprises and users. For example, integrating blockchain with Samsung Pay can process payments in a decentralized manner without the involvement of employees. Saving labor can ultimately save users' payment fees.

Although it is still too early to predict whether Samsung has plans to participate in blockchain implementation, it has at least begun to show great interest.