Commercializing Blockchain Towards Digital Identities, Loyalty Programs and Beyond
On June 27 Dr. Hong spoke at the Money2020 Conference held at the Bella Center, Copenhagen Denmark, on how Samsung SDS is creating implementable blockchain solutions for the enterprise.
Dr. Hong described how SDS leverages the industry experience across Samsung Group affiliates in order to find opportunities to transform business processes with blockchain, and how Samsung SDS’s Blockchain platform, Nexledger, addresses many of the issues that prevent public blockchain platforms from adoption in the enterprise.
He then discussed how SDS managed to create a commercialized blockchain implementation with Samsung Card. Using Nexledger’s time stamping solution, Samsung Card was able to eliminate 3rd party data leaks and reduce the cost of acquiring new customers by 35%. They also were able use biometric authentication to remove the cumbersome sign-up process for add-on services, reducing the abandonment rate during sign-up from 70% to 0%.
Dr. Hong then did a deep dive into how Nexledger’s Digital Loyalty Platform (DLP) as a digital payment solution could redefine the way we think about digital loyalty points. DLP is a blockchain-based integrated points ecosystem that enables users to transfer rewards points from one company to any other participant company. All transfers can be done in real time with minimal need for intermediaries and with low transfer fees.
He also discussed how Digital Identity could be used to similarly improve identification and verification processes across financial institutions, giving customers easy access to all of the services available to them and ensuring companies have access to the most updated customer data.
Dr. Hong then described three future opportunities for blockchain innovation in insurance claims, global logistics and SCM.
He outlined Digital Claim, an automated insurance claims service that uses the blockchain network to connect Policy holders, Hospitals, Insurance Companies, etc. to automate insurance claims.
He described how Digital Logistics could similarly assist global logistics to generate and share contract documentations to ensure visibility and efficiency of global shipping processes.
Finally, he described how blockchain could innovative the financial service ecosystem of supply chains for manufactures.
In wrapping up Dr. Hong outlined how Nexledger’s BaaS delivery model is intended to offer maximized flexibility and scalability for our customers.
Dr. Hong concluded by inviting the audience to join him and Samsung SDS to discover and commercialize blockchain to create new business value!