Samsung Targets Blockchain Consortia With Nexledger Tech

Global technology giant Samsung today unveiled its Nexledger blockchain platform, alongside a series of other announcements.

The solution is portrayed as an enterprise-grade blockchain platform hosted with cloud computing, in a Korean Herald report today. But details uncovered by CoinDesk indicate that Samsung may be targeting the increasingly crowded consortia business model with this latest release.

A trademark filed by Samsung for the Nexledger name describes the technology as a permissioned blockchain system created specifically to form a consortium.

The trademark describes Nexledger as:

The consortia model aims to optimize blockchain network effects by giving potential competitors access to the distributed ledger solution, while ensuring only data required for a transaction is visible by the counterparties.

Similar to other groups of banks and other corporations such as R3 and Hyperledger, Nexledger appears to be a broadly applicable solution.

Other functions described in the trademark filing include smart contracts for financial services, a loyalty point program and authentication for financial services.

Part of that authentication process could include biometric verification, the data of which would also be logged on the blockchain, according to a ZDNet report, also today.

Today's news is the latest development in the South Korean electronics giant’s ongoing blockchain efforts.

Last July Samsung revealed it had invested in South Korean blockchain-as-a service platform Blocko, and months later joined Hyperledger, the Linux-led blockchain consortium working with open source technology.

Samsung image via Shutterstock