The South Korean international conglomerate, Samsung, is developing its own Ethereum-based Blockchain network with the probable issuance of its own token, “Samsung coin”.

According to a source by CoinDesk, an internal associate said that the company’s blockchain task force is developing an Ethereum-based blockchain mainnet. He further stated, “This block chain TF [Task force] is under review with some models”, which hints that the project is still at an internal experimental stage.

The source said, “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.” The development of the Blockchain network will be preceded by the possible launch of Samsung’s own token, Samsung coin.

If the blockchain developed is public to the users, then the Samsung coin will be listed on Codex Exchange allowing it to be traded freely by the people just like Bitcoin (BTC) and Ether (ETH). There is also a possibility of incorporating the blockchain technology to its payment app, namely, Samsung pay.

Previously, some projects taken up by Samsung have kept the crypto enthusiasts on their toes. In October 2018, Samsung collaborated with Europe’s largest port for establishing a blockchain-based shipping network. Samsung also claimed that its smartphones could provide the best security to cryptocurrency holdings with the help of the efficient apps and the trusted execution environment [TEE].

Recently, the Electronics giant revealed the latest Galaxy S10 which includes a crypto wallet which is compatible with ether and Ethereum-based ERC-20 tokens. It also supports a number of Dapps such as merchant payments services, crypto gaming platforms and crypto collectible platforms. The S10 can store crypto private keys and supports many digital features including digital signatures.

Samsung’s approach towards the Blockchain-sphere is very evident and has bagged a positive outlook from the crypto community. This could be a bold step to compete with Samsung’s biggest rival, Apple with its ever-increasing experimentation.

 

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