Samsung is developing its own blockchain network, report claims

Disclosure

Image: Raymond Wong/Mashable

Samsung is developing a blockchain network and potentially a cryptocurrency token called "Samsung Coin."

This is according to a report by CoinDesk Korea, which cites an unnamed company official familiar with "Samsung's internal situation."

Details are scarce, and nothing is confirmed, but the blockchain network could either be public or hybrid a combination of public and private blockchains.

One important detail: This blockchain network will reportedly be based on Ethereum, a popular smart contract platform which makes it fairly easy to deploy your own cryptocurrency token.

Once the blockchain development is finalized, the company might move to launch its own Samsung Coin crypto-token, though "the direction has not yet been decided."

Samsung has been working on this project for at least a year, the source said.

Samsung has dipped its toes into crypto waters by introducing a cryptocurrency wallet and decentralized app support on its Galaxy S10 phone, but this is the first time I've heard of the company building a blockchain-based network and a cryptocurrency/token of its own.

It's hardly a surprise, though numerous tech companies, including Microsoft and Facebook, are working on blockchain projects. There's no word on what Samsung plans to do with its blockchain, but the company has a mobile payment/wallet service, Samsung Pay, which might benefit from cryptocurrency integration.

We've asked Samsung about its blockchain-related efforts and will update the article when we hear from them.

Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.

Continue reading here:
Samsung is developing its own blockchain network, report claims