South Korean electronics giant Samsung is developing its own blockchain network and plans to release a token in the future. It is reported by CoinDesk, citing its own source.
A person “familiar with Samsung’s internal situation,” CoinDesk Korea said that the company's DLT division is building a blockchain-based network on Ethereum. The work, however, is still at an experimental stage, the interlocutor of the Internet portal specified.
“We are currently thinking about a private blockchain, although this has not yet been confirmed. In the future, it may also be a public blockchain. But I think that it will be a hybrid, that is, a combination of networks of both types , ”he said.
After the launch of the blockchain, the Korean company can start producing its own token – Samsung Coin. If the blockchain network is public, the token will be able to trade on exchanges. In addition, the company can embed a token into the Samsung Pay payment application.
A company representative stated :
"We expect Samsung Coin to hit the market, but its purpose has not yet been determined."
Perhaps if Samsung’s blockchain is public, Samsung Coin will trade on cryptocurrency exchanges along with Bitcoin and Ethereum .
The tech giant can also integrate blockchain technology into its Samsung Pay payment application. But this is just an assumption, there are no official statements about this from the company.
A source who leaked the information reported that the group developing the blockchain has been operating for over a year. In addition, they are not only working on creating a blockchain network, but also on several other projects.
About two months ago, Samsung released its flagship mobile phone, the Galaxy S10, which has a private key storage for cryptocurrencies and support functions for blockchain-based digital signatures.
Last month, the company introduced a cryptocurrency wallet compatible with ERC20 and Ethereum tokens . Although the wallet is preinstalled in the S10 series, it is still inactive in some countries.
Recall that the Samsung SDS division of the Korean giant was previously chosen by the municipality of Seoul to implement the blockchain in the management of city services. In addition, Samsung SDS has developed DLT platforms for customs, banking, and container transport financing.
Publication date 04/24/2019
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