Samsung SDS, the IT subsidiary that works for electronics company Samsung has closed a deal with Korean Blockchain start-up Blocko. The partners will
Samsung SDS, the IT subsidiary that works for electronics company Samsung has closed a deal with Korean Blockchain start-up Blocko. The partners will work on Blockchain applications to be launched in Korea and abroad.
Blocko has announced the collaboration on March 13 stating that their work will focus on areas like authentication, payments and remittance.
ZDNet (zdnet.com) reported that Samsung SDS and Blocko are currently developing blockchain for the conglomerate`s credit card company Samsung Card.
“Through synergies based on the resources of the two companies, we are actively exploring new markets [for the spread] of blockchain technology.”, said Samsung SDS in a statement quoted by cryptocoinnews.com.
“As the demand for blockchain technology grows in domestic overseas financial markets, the related industries are expanding.”, added Samsung SDS.
Samsung SDS has first invested in Blocko in June 2016, as stated by their press release available at http://www.samsungsds.com/global/en/about/news/1187503_1373.html. Back then, Samsung SDS`s motivations were related to applications in the financial technology and others fields such as IoT and healthcare, reads on the press release.
Blocko is said to gain prominence as a leader in Korea`s FinTech market by providing a handful of notable implementations, reported cryptocoinnews.com.
South Korea`s securities exchange operator, the Korea Exchange (KRX) has worked with Blocko on a Blockchain platform. The service called “Coinstack” makes it possible for start-up companies to trade equity share on the open market.
In March this year, Blocko designed a blockchain platform to be applied in the voting process in the province of Gyeinggi-do, as cryptocoinnews.com explained. The blockchain voting platform used smart contract with no management from a central authority.