Samsung will develop new “Blockchain Solutions”
Samsung will develop new “Blockchain Solutions”

Samsung will develop new “Blockchain Solutions”

By Amelia Tomasicchio - 4 Mar 2020

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Samsung signed an agreement yesterday with Credorax to develop “blockchain solutions for banks and merchants so that they can automatically reconcile payments, remittances and invoices with their bank records, but also to develop a payment platform using Samsung SDS Brity Works RPA, the Korean phone company‘s artificial intelligence system.

Samsung’s goal, the statement explains, would be to reach the European market.

The memorandum of understanding was signed by Samsung SDS Nexledger Universal Platform and Credorax, an Israeli fintech company based in Malta that operates as a payment provider in 30 European countries but also in China and Japan.

“Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation,” said Won-Pyo Hong, President and CEO of Samsung SDS, in a statement released yesterday.

Igal Rotem, CEO of Credorax, stated: 

“We expect to solve key challenges with B2B payments, back-office operations, and accounting by integrating Samsung SDS’s mature blockchain platform and RPA solutions with our settlement and reconciliation solution”.

Samsung and the close relationship with crypto and blockchain

Already in the past, Samsung had shown its interest in the blockchain by putting on the market the Galaxy S10 and S20 which allow storing different cryptocurrencies and downloading different dApps including, for example, those of TRON.

Furthermore, in August the company had increased the production of mining chips, while in July it released an SDK (Software Development Kit) for Ethereum developers and also registered the trademark Samsung Coin, so who knows if in the near future they will launch their own digital currency or if the move was made just to prevent someone else from registering the trademark

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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