Samsung to Establish Its Own Blockchain Network, May Issue Own Token

Samsung, a South Korean electronics tycoon, is creating its own blockchain network and looking to issue its native token subsequently.

A local media reported April 23 that the firm’s blockchain task force is developing a blockchain mainnet based on ethereum, citing a person “familiar with Samsung’s internal situation.” The development is currently at the “internal experimental” phase.

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.”

Samsung may also move forward in developing its “Samsung Coin” token when the blockchain is finished.

“The market expects Samsung Coin to come out, but the direction has not yet been decided,” the person said.

If the firm establishes a public blockchain soon, then Samsung Coin could effectively be traded publicly on crypto exchanges like bitcoin (BTC) and ether (ETC). Samsung could also utilize blockchain technology to Samsung Pay, its payment app. There is no concrete plan or decision though, the source said.

The blockchain task force of Samsung has been active in developing for at least a year, and is dealing with several projects, the report said.

The company recently jumped into the blockchain industry when it launched the Galaxy S10, its flagship cellphone, two months ago. The phone has the capacity to store cryptocurrency private keys and has built-in features that support blockchain-based digital signatures.

Samsung officially introduced the cryptocurrency wallet in March. The wallet is compatible with ether (ETH) and ethereum-based ERC20 tokens, and without bitcoin in the early previews. Some reports stated that the wallet is not yet available in some jurisdictions.

The S10 also provides support for decentralized apps (dapps) like beauty community Cosmee, crypto gaming platform Enjin, merchants payments service CoinDuck, and crypto collectibles platform CryptoKitties.