Samsung Ventures Into CBDC Research
South Korean technology behemoth Samsung has teamed forces with the country’s central bank, the Bank of Korea (BOK), to explore the subject of Central Bank Digital Currencies (CBDCs) in a strategic pivot towards the future of finance.
This ground-breaking collaboration wants to use blockchain technology to disseminate a digital currency issued directly by central banks, a concept that is gaining support around the world.
The agreement of understanding inked at Samsung Digital City in Suwon by Samsung and BOK is a clear commitment to CBDC research and the optimisation of offline payment systems.
The origins of this relationship may be traced back to Google’s participation in the BOK’s second phase of a CBDC pilot study. Even in the absence of an internet connection, the tech giant facilitated device transfers and payments via near-field communication (NFC).
The major goal of this cooperation is to improve the security of offline payments performed using Samsung’s smartphones and smartwatches, ensuring reliable transactions even in catastrophic scenarios where internet connectivity is unavailable.
(With inputs from Shikha Singh)
You need to login in order to Like
