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Samsung and KT Launch Two Blockchain Platforms

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Blockchain Energy Financial Services

South Korea

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Tim Alper

Author

Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023

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Two of South Korea’s biggest companies have announced the launch of blockchain products that they claim will shake up the country’s finance and energy sectors.

Telecoms giant KT says it has completed work on a blockchain-powered energy brokerage platform that will allow small-scale energy traders to buy and sell up to 1MW of electrical power – with a view to beginning services “in the second half of 2018.” Unlike many similar, blockchain-powered micro-grid initiatives operated in other countries, the platform does not allow for direct peer-to-peer transactions, but instead requires users to trade directly with KT – with the company acting as an intermediary.

The company says it has ensured its product complies with an amendment to the Electricity Enterprises Act, which has provisions for energy trading between small-scale power generators. The amendment passed the plenary session of the National Assembly at the end of last month, and should soon pass into law.

IT News quotes a KT spokesperson as saying, “Blockchain technology is well-suited for streamlining multi-party transactions and the nature of the power brokerage business.”

Meanwhile, Samsung SDS, the Samsung Group’s IT services arm, has announced the launch of a blockchain-powered finance platform called Nexfinance. The company says it will allow financial companies and organizations to protect customer data with digital identity tools, finance concierge services, an artificial intelligence virtual assistant and automated insurance solutions.

The Samsung group has channeled most of its blockchain-related researched through Samsung SDS, which last year orchestrated the world’s “first ever” blockchain shipping transaction. The company also has an agreement in place with the Seoul Metropolitan government, which will see it develop a blockchain-powered platform to help expedite clerical work.

KT, meanwhile, is also set to debut a blockchain-powered data roaming service this month, in collaboration with America’s Sprint and Japanese telecoms and IT conglomerate Softbank.