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South Korean electronics giant Samsung is developing its own blockchain network. According to CoinDesk Korea, an anonymous source believes that Samsung may be developing a public-private blockchain. This blockchain might also feature a digital currency.
The blockchain network will reportedly be based on Ethereum, which is a popular smart contract platform that makes it fairly easy to develop your own cryptocurrency token. The source said, Samsung has been working on this project for at least a year.
If the Tech Giant develops a public blockchain in the future, then Samsung Coin could be traded publicly on cryptocurrency exchanges just like bitcoin (BTC) and etherium (ETH). Samsung could also incorporate the blockchain technology to its payments app Samsung Pay.
In March this year, Samsung unveiled its new Samsung Galaxy S10 lineup that included a cryptocurrency wallet that supports ERC-20 tokens and other blockchain-based assets.
The Galaxy S10 also supports decentralized apps known as dapps, that includes crypto gaming platform Enjin, beauty community Cosmee, crypto collectibles platform CryptoKitties and merchant payments service CoinDuck.
Numerous other leading tech companies, including Google, Microsoft and Facebook are also working on blockchain projects. There is currently no official word on what Samsung plans to do with its blockchain.
