Samsung SDS invests in blockchain company

Rage Review : Samsung Data System (Samsung SDS), a subsidiary of Samsung Group, has decided to invest in a local company that provides companies with a blockchain-based development platform. This is because Korean experts have seen that blockchain technology is a financial innovation technology that can change the world. Last month, the company invested in the British cybersecurity startup Darktrace in order to enter the European market. The influence of blockchain technology is evident.

Translation: Nicole

South Korea's largest corporate conglomerate Samsung is taking a closer look at blockchain, the technology behind the bitcoin digital currency, which experts predict will revolutionize the financial services market in the coming years.

According to The Korea Times, CEOs of Samsung Group affiliates attended a blockchain lecture on Wednesday by Seoul National University professor Roh Sang-kyu, who described blockchain technology as a financial innovation that could change the world.

Samsung Group denied plans to build a blockchain system among its financial companies in October, with a spokesman saying the speech was intended to educate the group’s CEOs on the basic concepts of blockchain technology, the newspaper reported.

Samsung SDS has begun investing in blockchain technology.

However, The Korea Times reported that Samsung SDS (KRX:018260), a subsidiary of Samsung Group Co., which provides information technology services, has decided to invest in a local company that provides companies with a blockchain-based development platform.

A Samsung SDS spokesperson said:

“The startup has the core technology of blockchain. We found that blockchain technology is very promising, so we decided to invest in the company.”

He also said the company plans to explore potential opportunities in various fields using blockchain technology.

Other group companies include Samsung Electronics (KRX:005930), Samsung Life Insurance (KRX:032830), Samsung Fire & Marine Insurance (KRX:000810) and construction firm Samsung C&T (KRX:028260).