Samsung SDS Co., an IT arm of Samsung Group, said Tuesday it has joined a global alliance for blockchain technology, reflecting its devotion to tap deeper into the industry.

Blockchain is a key technology for digital currency, enabling data sharing across a network of individual computers. As a kind of distributed ledger, it records and tracks financial transactions.

Samsung SDS said it became a member of the Enterprise Ethereum Alliance that focuses on the development of blockchain solutions for businesses.

The alliance, which holds Microsoft, Intel and other top brands as members, concentrates on developing solutions based on the Ethereum technology, which is considered a key protocol for the blockchain.

Samsung SDS said the opportunity will allow the company to increase technology competitiveness, as well as find new business ties with global partners.

Last month, Samsung SDS said it has developed "Nexledger," a blockchain platform for corporations.

Blockchain platforms allow participants to share content through the distribution system. It takes less money and time to establish the platform but boasts safety as the distributed information makes forgeries and alterations very difficult. (Yonhap)