Samsung, Israel’s Credorax To Build Blockchain Platform for Merchants & Banks
Electronic goods manufacturer Samsung’s IT subsidiary, Samsung SDS, has entered into a partnership with Israel based financial technology and smart payments facilitator Credorax.
As per a report by The Korea Herald, both firms will together build a payment platform for European retailers and banks.
A portion of the planned software solution will be built utilizing Nexledger Universal blockchain platform of Samsung SDS.
The module will facilitate vendors to mechanically reconcile payments, invoices and remittances with their bank documents.
Furthermore, the module will be part of a payments platform, developed using AI-powered Brity Works of Samsung SDS, and designed to mechanize several work procedures.
The initiative is part of a wider plan to market the platform in Europe by Samsung SDS, as Hong Won-pyo, CEO and President, detailed:
“Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation.”
Of late, Samsung overhauled its Nexledger blockchain by incorporating a zero-knowledge proof solution.
The overhaul aims to offer a high level of anonymity for users by permitting the recording and validation of trades on a common blockchain without revealing confidential info.
The advantages of this should additional improve the platform to be advanced with Credorax.