South Korean Samsung is working on creating its own blockchain network and looking at the possibility of issuing its own token in the future
CoinDesk Korea received an exclusive report from a person “familiar with Samsung’s internal situation.” The source explained that Samsung’s blockchain task force, which is part of its wireless division, is developing a blockchain mainnet based off of the Ethereum network. So far the work is still at the “internal experimental” stage.
The source stated that “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 source also added that “The market expects Samsung Coin to come out, but the direction has not yet been decided.”
If Samsung launches a public blockchain in the future, then it’s possible Samsung Coin would be traded publicly on cryptocurrency exchanges similar to Bitcoin (BTC) and Ether (ETH) trading. Samsung might also apply blockchain technology to Samsung Pay, but according to the source that has not been decided yet.
The report also wrote that it'd been at least one year since Samsung's blockchain task force has been in active development. They are working on numerous projects.
For example, Samsung released the Galaxy S10 two months ago, which can store cryptocurrency private keys and support blockchain-based digital signatures. The S10 also works with decentralized apps (dapps) like Enjin, Cosmee, CryptoKitties, and CoinDuck.
Last month, Samsung officially unveiled its cryptocurrency wallet, which functions with Ether (ETH) and ethereum-based ERC20 tokens, but not Bitcoin as of now. However, some reports state that the crypto wallet is not yet available in some locations.