Samsung Reported To Be Developing Own Blockchain and Token

Samsung blockchain token cryptocurrency mainnet ethereum

Global technology giant Samsung is developing its own blockchain, with plans for launching its own coin in due course, according to reports emerging today.

The South Korean electronics firm is said to be developing a blockchain mainnet designed around ethereum, as part of a process that has been labeled “internal experimental” in its current phase.

Sources close to the firm have said the project is being undertaken by the company’s blockchain task force, part of Samsung’s wireless division.

According to a source close to the company, the mainnet is likely to be a hybrid between public and private blockchains.

“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.”

There was also the suggestion that the firm would eventually be launching a coin, dubbed “Samsung Coin,” which will exist within the blockchain environment.

“We expect Samsung Coin to come out in the market, but the direction has not yet been decided.”

If the blockchain becomes public, this could pave the way for open trading on the Samsung Coin in future, similar to the way cryptocurrencies like BTC and ETH are traded on public crypto exchanges.

There is also the suggestion Samsung could link the technology to its Samsung Pay app, with new Samsung smartphone devices already arriving bundled with crypto wallet and payments functionality.

The project is said to be one of a number of blockchain projects currently being explored by the company, with no firm projections as to a likely timeline for launch.

While the reports remain unconfirmed from Samsung directly, the plans coincide with the firm’s recent high-profile steps toward embracing crypto technology.

The news follows the recent high-profile launch of the firm’s flagship Galaxy S10 smartphone, which has the ability to store private keys and recognize digital signatures from the blockchain.

The launch comes after the firm unveiled its new crypto wallet app back in March, with the expectation this will feature with increasing prominence in new Samsung devices in future.