Samsung builds blockchain, crypto token also on the cards

Samsung builds blockchain, crypto token also on the cards
Written by:
Michael Harris
April 10, 2020

South Korean consumer electronics giant Samsung Electronics is developing its own blockchain, industry website Coindesk has reported.

According to Coindesk Korea, Samsung’s blockchain unit is building a blockchain based on the Ethereum protocol, with work currently being at the internal experimental stage. The online publication attributed the information to an unnamed source familiar with the matter.

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“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 said.

In addition, Samsung reportedly wants to create its own crypto token, dubbed Samsung Coin, and host it on the new blockchain. The coin could be traded on digital currency exchanges, but the company hadn’t made a decision yet, the source indicated. It is also possible that blockchain technology could be featured in Samsung’s mobile payment app.

The tech giant has in recent months shown significant interest in blockchain. In February, the company revealed that its new flagship smartphone, the Galaxy S10, allows users to store cryptocurrency private keys. The phone comes with a digital currency wallet that supports Ethereum (ETH) and ERC20 tokens. Samsung has indicated that it wants to support more digital currencies in the future.

The phone also supports several decentralised apps (dApps): a crypto gaming platform called Enjin; the beauty-focused dApp Cosmee; CryptoKitties and merchant payments service CoinDuck.

According to Coindesk Korea, Samsung’s blockchain task force has been actively developing blockchain projects for at least a year. The unit is working on a number of projects, the report suggests.