South Korean tech giant Samsung is reportedly developing its own blockchain network. It’s expected the venture will lead to a Samsung token in the near future.
According to an internal source “familiar with Samsung’s internal situation,” the company’s wireless division is building a mainnet based on the Ethereum blockchain.
Led by its blockchain task force, the new network is still at the “internal experimental” stage.
According to the source:
“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”
Once the Samsung blockchain is up and running, the company is expected to launch a “Samsung Coin” token.
“The market expects Samsung Coin to come out, but the direction has not yet been decided.”
If the Samsung blockchain becomes a public blockchain, then the Samsung Coin could be traded on crypto exchanges just as regular cryptocurrencies are.
The technology may also be adapted to work on its payments app Samsung Pay—a move that makes sense but isn’t yet certain.
Much remains unknown about the Samsung blockchain task force, but Samsung has been developing its technology for some time.
>> Is TD Ameritrade Working to Enter the Crypto Industry?
Samsung Blockchain and Cryptocurrency
Two months ago, it unveiled its first venture into the cryptocurrency space via its Galaxy S10 smartphone. The flagship device has the ability to store cryptocurrency private keys and was developed with “various crypto and blockchain related projects” as standard on the device.
Its first dApp partner is COSMEE, a blockchain-based beauty social media platform.
The Galaxy S10 also supports South Korean cryptocurrency wallet Enjin. Capable of sending and receiving ERC-20 tokens and ERC-1155 crypto game assets, the wallet comes pre-installed on the phone.
What do you think of the Samsung blockchain?
Featured Image: DepositPhotos © TKKurikawa