The South Korean giant of the electronics world is working on a blockchain network and looking to issue its very own token in the future. An exclusive report on CoinDesk Korea on Tuesday quoted someone who is "familiar with Samsung's internal situation," saying that Samsung's blockchain development group, which forms part of its wireless department, is working on building an Ethereum-based blockchain mainnet. This work is still in its “internal experimental” phase, however.
The person with inside information 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.”
When this part of the blockchain development is finished, the company might also look to launch the “Samsung Coin” token, so said the report. The source said: “The market expects Samsung Coin to come out, but the direction has not yet been decided.”
If Samsung were to develop a blockchain later, the Samsung Coin would be able to be publicly traded on exchanges in the same way as Ether (ETH) and Bitcoin (BTC). Samsung could look to bring in blockchain tech to its Samsung Pay app too, but this has not yet been decided, the source said.
The task force at Samsung that is developing blockchain has been doing so actively for at least the last 12 months and is also working on several other projects, the report says.
The company stepped into the arena for blockchain a couple of months ago as it unveiled the flagship mobile phone, the Galaxy S10. This phone can store crypto private keys as well as supporting digital signatures that are blockchain-based.
Samsung revealed its cryptocurrency wallet officially last March, and it is compatible with ERC20 tokens (Ethereum-based) and Ether (ETH) yet remarkably not Bitcoin as of yet. Some reports say that the wallet is not available in some areas, however.