South Korean conglomerate Samsung is working on its own Ethereum-based blockchain network and is also considering to launch its native digital currency, according to a Coindesk report.
The blockchain developers of Samsung are working under its existing wireless division, and the development process of the proprietary blockchain is still in an “internal experimental” stage.
“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,” an anonymous official from Samsung told the publication.
The April 24 report also revealed that the electronics giant is also considering to launch a native cryptocurrency called “Samsung Coin.” The process, however, is in the early stages and there is no tentative timeline available for its launch.
The token will be similar to any other crypto available in the market and can be listed and traded in any digital asset exchange. The company is also planning to make its payment platform Samsung Pay blockchain-enabled.
“We expect Samsung Coin to come out in the market, but the direction has not yet been decided,” the source added.
Crypto on smartphones
Though Samsung was already quietly working on some blockchain based projects, the company first dove into the crypto arena with the introduction of a built-in blockchain wallet in its flagship Galaxy S10 smartphone lineup. It developed a proprietary wallet platform – Samsung Blockchain Wallet – to hold Ethereum and other ERC-20 tokens as well.
Apart from the crypto storage platform, the phone also supports four decentralized applications (DApps) – crypto gaming platform Enjin, beauty community Cosmee, crypto collectibles platform CryptoKitties, and merchant payments service CoinDuck.
Apart from Samsung, other Asian electronics giants are also investing in blockchain technology. HTC launched a blockchain-enabled smartphone called Exodus which can store crypto and run blockchain applications.