Samsung Planning to Release Blockchain Payment Solution for EU Banks

Up until this point in time, Samsung has shown quite an interest towards the development and implementation of blockchain solutions. As such, recent reports indicate that the enterprise tech branch of the South Korean giant, SDS, is now in the process of building a blockchain-based settlement system, targeted towards banks and merchants.

Based on this, the tech firm has signed a memorandum of understanding with Credorax, an Israeli fintech provider, to cement their collaboration towards the creation of a system that’s capable of automatically recording and settling various types of payment data.

Reports on the matter indicate that the settlement system will be geared towards the European market. This targeting makes perfect sense, thanks to Credorax’s expertise in providing EU-based banks and merchants with a variety of fintech solutions.

In a press statement on the matter, the president of Samsung’s enterprise technology arm has mentioned that: “Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation.”

So far, the South Korean tech giant has invested substantial time and monetary resources into further developing its SDS branch.  As such, the value of the enterprise arm has increased by over $3.7 billion in 2019, due to its blockchain and artificial intelligence ventures.

Samsung’s positive stance towards the cryptocurrency market is also well-known. A relevant example in this direction is the Galaxy S20 – the company’s flagship smartphone. This particular device comes along with a highly-secure crypto wallet which stores private keys on a specific encrypted chip that is kept separate from the main flash drive.

Based on everything that has been highlighted so far, Samsung will most likely focus on expanding its blockchain-related services, as the popularity of this emerging industry continues to increase.