Blockchain startup Blocko Inc. announced that it has signed a Memorandum of Understanding (MoU) with Samsung SDS on strategic business alliance for domestic and overseas joint venture that is related to blockchain and synergy of technology development.

The MoU will enable both the companies to unveil a variety of business opportunities that are related to blockchain including authentication, remittance, payment, digital identity, in a move to actively promote domestic and international new businesses, the announcement stated (loosely translated).

“We are very pleased to have MOU with Blocko, a blockchain specialist company. Through synergies based on the resources of the two companies, we are actively exploring new markets in the blockchain. As the demand for blockchain technology grows in the domestic and overseas financial markets, the related industries are expanding. We expect to achieve good results not only in the Korean market but also in overseas markets through our expertise,” Samsung SDS stated (loosely translated).

Based on the solutions of both the companies, Blocko stated that it will actively promote financial markets and strategically cooperate in all areas like discovering new business and marketing. Both Blocko and Samsung SDS are members of Hyperledger blockchain project.

Blocko last week announced that Gyeonggi-do, a populous province of South Korea, has adopted a blockchain-based voting system that is developed by Blocko, in a vote for local community projects that are proposed by residents.