HomeBlockchainSamsung and Blockchain: statements from the director of the NEXT project

Samsung and Blockchain: statements from the director of the NEXT project

Samsung is among the most cited companies when it comes to news and projects related to blockchain technology.

Recently, Ricardo J. Méndez, technical director of Samsung’s NEXT project, shared some interesting statements related to projects based on blockchain and decentralisation.

In a recent interview, Méndez, in addition to stressing the need to modernise the centralised structures, wanted to reiterate some significant concepts:

Decentralization is about freedom, flexibility, and choice. Blockchain is just one more tool; one that can help in decentralized contexts, but a tool is always less important than the goal. Technically, it’s about moving activities away from a central controller and towards a network of participants that interact based on a shared protocol. In doing so, it shifts the balance of power back towards the user, giving them a choice between providers, and allowing a plethora of approaches and perspectives to emerge“.

The technical director of NEXT expressed interest towards cryptocurrencies, but also a strong pragmatism on some aspects related to confidentiality:

Peer-to-peer approaches require you to broadcast your activity to peers, so they need an extra privacy layer (like a VPN or mix network). This is why, as an industry, we need to get better at explaining to users the trade-offs of different approaches“.

Samsung is one of those large companies with blockchain projects covering many aspects of their business, from controlling the supply chain to streamlining bureaucratic procedures.

Samsung was recently on the headlines due to several blockchain and crypto projects, such as CryptoKitties, where the South Korean company appears as one of the main financiers, and the blockchain project with ABN AMRO to monitor container shipments from South Korea to the Netherlands.

A project where the Dutch bank hopes, in the long run, to save millions of euros thanks to the efficiency of a paperless blockchain project which will electronically confirm the receipt and payment in real time.