Samsung SDS has reportedly agreed to cooperate with Indian IT giant Tech Mahindra in an attempt to enter the overseas blockchain market, The Korea Times writes Sunday, April 14.
SDS, the systems integration arm of Korean tech behemoth Samsung, allegedly plans to expand the use of its Nexledger blockchain platform in India, the United States and Europe.
As per the agreement, the two companies will reportedly seek more business opportunities in the region. Moreover, Samsung SDS will cooperate with Tech Mahindra on further Nexledger updates.
Nexledger, a blockchain security platform launched in 2017, has since been used in finance, manufacturing, logistics and other areas. For instance, the solution was trialed by the Korea Customs Service in its export customs logistics services. Forty-eight different organizations, including public agencies, shipping and insurance companies, also joined the test.
More recently, Samsung SDS announced it is launching its own blockchain accelerator technology, Nexledger Accelerator, following a successful test with Hyperledger Fabric. The solution reportedly improves transaction processing speed.
In March, parent company Mahindra reportedly trained 70% of its employees to deal with new technologies, including blockchain, AI, Internet of Thingsand cybersecurity.
Moreover, Mahindra has previously used IBM blockchain technology in order to create a solution for discounting invoices between its auto division and suppliers. According to IBM, the company is also investigating the use of blockchain to track parts and improve auto recalls.