Samsung Ventures Supporting Blockchain Startups

One more major company has joined the blockchain revolution: Samsung, the South-Korean multinational conglomerate, selling household appliances, TVs and most notably mobile phones.

The Samsung Galaxy devices are racing head-to-head with Apple‘s iPhones, and now the company is looking to enhance its service with blockchain.

 

Samsung Ventures

 

Samsung Ventures is known to support lucrative blockchain start-ups.

First, in 2017 Samsung SDS, Samsung’s IT service affiliate has announced development with Blocko, creating a blockchain for the conglomerate’s credit card company Samsung Card. The companies are working together on blockchain businesses that use effectively digital identity, money and payment solutions, and look for more opportunities to apply blockchain in the financial markets.

Now Aergo, a promising start-up also backed by Samsung, has announced that they have secured $30 million in funding from venture capitalists.

Aergo is building an end-to-end open source platform for developing high-scale hybrid-blockchain deployments, serverless cloud architecture and data bridging technology. The start-up shares the same leadership team with Blocko, and their solution will allow enterprises to transfer data without an intermediary, while also being flexibly governed, and integrated into existing systems seamlessly.

 

Samsung Trade on Blockchain

 

Samsung SDS, the logistics and IT arm of Samsung, has partnered with the Dutch bank ABN-AMRO and the Port of Rotterdam to build a blockchain pilot for tackling the inefficiencies of container-based international trade. The partners aim to significantly reduce paper processes during shipments, allowing for more efficient administration.

According to Daphne de Kluis, CEO of Commercial Banking at ABN AMRO, the new network will “make the logistics chain more transparent and efficient, and millions of euros can be saved in the long term.”

Samsung will be assisting on the technical side of the project, which is expected to have advanced interoperability features between multiple blockchains.

The pilot will run in January 2019, and the results will be declared a month later.

Samsung joins a long line of companies looking to enhance efficiencies with blockchain on the supply chain. We are curious to see whether Samsung will venture further into the decentralized world.

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