• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Samsung To Establish Blockchain Strategy For Seoul

27/11/2017 15:32
No comments

South Korea’s biggest company, Samsung, has been granted a five months contract by the Seoul Metropolitan Government to establish an Information Strategy Plan for Blockchain based innovations in Seoul City.

“The Seoul Metropolitan Government plans to identify and design future models that can be applied to blockchains for welfare, safety, traffic, and other municipal affairs, and to examine business effects and feasibility,” the company said in a statement according to a rough translation.

The technology will be initially used towards securing personal information in welfare payments for youths and in used car sales with plans to roll it out to the entire municipal administration by 2022, according to Samsung.

“Samsung SDS will analyze the environment for introducing and spreading the block chain technology throughout the city municipal government for five months according to the contract with the Seoul Metropolitan Government, and to plan future model design and systematic implementation plans,” the company said.

The specific blockchain to be used is Nexledger, a permissioned blockchain developed by Samsung SDS which joined the Ethereum Enterprise Alliance earlier this year when Kwang Woo Song, Vice President of Distributed Ledger Technology Business Group at Samsung SDS, stated:

“Ethereum is one of the fastest growing blockchain technologies, with potential to provide exceptional benefit to enterprises. We look forward to active collaboration with the members of the alliance, and believe that there will be significant synergy opportunity to drive the adoption of blockchain in the enterprise space.”

It is not clear what technology Nexledger is based on, with the company stating in a brief overview of Nexledger that:

“Samsung SDS developed and executed the platform ideology, architectural structure, component design, and development process for the Nexledger platform with the intention of serving enterpriselevel requirements,” it further adds:

“Time latency, protocol maturity, technology suitability, and various other components were taken into consideration during the initial development stage of the platform.”

Suggesting that this is all built by Samsung itself, but it is probable it is based on a template of sorts with Samsung most likely adapting Ethereum or Hyperledger as their blockchain has smart contacts.

Nexledger’s architecture.

Blockchain’s popularity exploded last year with South Korea’s citizens in particular showing great interest in digital currencies.

Their biggest exchange, Bithumb, is the second biggest in the world by trading volumes, with South Korea at times leading price movements.

It appears their government, at least of the Seoul Metropolitan Area, is now also joining them to some extent with this unveiling of a strategic plan to blockchenize their civil service by 2022.

So following in the footsteps of their biggest company, Samsung, which itself appears to have laid out a proprietary and permissioned blockchain solution for enterprises in finance, digital identity, supply chains, digital payments and provenance.

 

Related Posts

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

US Bureau of Labor Statistics

Bitcoin Jumps as US Inflation Falls to 8.5%

LUSD’s Token Jumps, RAI’s Rises 50%

Infura Censors Tornado Cash Smart Contract

Load More
  • Trending
  • Comments
  • Latest
Proof of Work/Stake

Proof of Stake vs Proof of Work

ETHW's price, Aug 2022

ETHW Starts Trading at $135

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

Alireza Peyman Pak, file photo

Iran Pays with Crypto For $10 Million Import

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

US Bureau of Labor Statistics

Bitcoin Jumps as US Inflation Falls to 8.5%

RAI Spikes, Aug 2022

LUSD’s Token Jumps, RAI’s Rises 50%

Infura RPC censorship, Aug 2022

Infura Censors Tornado Cash Smart Contract

Comments

Latest News

  • EthereumPoW to Remove EIP1559
  • Bitcoin Jumps as US Inflation Falls to 8.5%
  • LUSD’s Token Jumps, RAI’s Rises 50%

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?