By The South Korean electronics giant Samsung recently announced plans for developing its own blockchain network as well as plans to issue its own token in the future.
As per a report released on Tuesday which cited a source “familiar with Samsung’s internal situation,” stated that the company’s blockchain division which forms part of its wireless department, is currently creating a blockchain mainnet based upon ethereum. The work is however still currently in an “internal experimental” stage.
The official stated:
“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 development of the blockchain has been completed, Samsung also has possible plans to launch a “Samsung Coin” token as per the report.
The official added:
“We expect Samsung Coin to come out in the market, but the direction has not yet been decided.”
Should the company indeed create a public blockchain in the future, this means that Samsung Coin could very well be publicly traded on crypto exchanges much like Bitcoin (BTC) and Ether (ETH). Furthermore, Samsung could also add blockchain tech to its payment service, Samsung Pay but this move is yet to be decided upon as per the official source.
According to the report, Samsung’s blockchain team has been actively at work for at least a year already and is working on a number of projects.
Just two months back, the company took their first step into the blockchain industry when it unveiled its latest flagship smartphone, the Galaxy S10 which as reported by CoinBeat has the ability to store crypto private keys.
Back in March, Samsung also unveiled its crypto wallet, which has support for Ether (ETH) as well as ethereum-based ERC20 tokens. At this point, however, support for Bitcoin has not come to fruition.
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