Samsung said Sunday that it will expand its blockchain business from industries to the public sector, marking its newly clinched deal with the Seoul Metropolitan Government.
According to koreaherald.com, the software solution development unit of Samsung will take part in the Seoul Metropolitan Government’s project to establish an information strategy plan based on blockchain technology.
The city government plans to apply blockchain technology to its administrative work across the city’s welfare, public safety and transportation affairs by 2022 to improve transparency operations and increase convenience for citizens.
Such technology is being increasingly used for online financial transactions, as it allows digital information to be distributed but not copied.
Early this year, Samsung SDS commercialized its blockchain platform Nexledger by applying it to the affiliated Samsung Card. Last month, the company also tested the application of the platform to logistical systems by shipping companies, including Hyundai Marine Merchant.
Hong Won-pyo, CEO of Samsung said:
“Samsung SDS’ blockchain technology and consulting capabilities will contribute to Seoul’s leap as a top-rate global city”.