South Korean giant, Samsung’s IT division, SDS has struck a key Blockchain deal with Tech Mahindra, the technology arm of India’s Mahindra Group.
This new collaboration will enable both companies explore Blockchain-related businesses opportunities in some countries including India, the United States and Europe via the Samsung SDS Nextledger Blockchain system according to reports by Yonhap News.
In 2011, the Mahindra group took over Ssangyong, the South Korean auto manufacturer confirming the group’s interest. Samsung SDS recently developed Nextledger accelerator initiative through which Samsung has been trying its hands on some blockchain initiatives.
South Korea has continued to encourage blockchain development while maintaining that cryptocurrency investments are illegal and should remain as such.
Recently, the country’s ministry of Science and ICT issued a new booklet which stated plans to apply blockchain technology and innovations to “every stratum of society” in coming years.
According to the booklet which has been distributed to other government agencies and private sector,
“Now that the bubble of cryptocurrency investment has been done away with, it is time to concentrate on the growth potential of blockchain technology. We must develop new business models based on blockchain technology and move ahead of the market.”
Seoul Metropolitan listed other blockchain powered initiatives which the authorities hope would find application in citizens identity syetems, democratic processes, certificates and qualifications authentication, rights and contracts of part time workers.