Leading South Korean Company, Samsung is planning to create a blockchain based on Ethereum and is working on it. Samsung is even thinking of releasing its own token in the days to come.
Most of the organizations are adopting cryptocurrencies and blockchain technology. Many financial and non-financial organizations are entering the crypto space. Samsung is also not lagging in adopting emerging technologies. When Samsung launched its flagship device, the Galaxy S10 had included the feature that supports blockchain based digital signatures and allows storing private keys of cryptocurrency.
Now, Samsung has moved to the next level and is becoming serious about digital assets. The company is now on its way to launch its new cryptocurrency token.
As per the report, Blockchain task force of Samsung, which is a part of its wireless division, is responsible for developing a blockchain mainnet based on Ethereum. The new ambitious project of Samsung is still at the pivot stage of development.
An individual informed that as of now, they are planning a private blockchain, and it is still undecided. The blockchain might be public in future, but it expects it to be hybrid- which is a combination of the private and public blockchain.
Samsung has not yet confirmed the devices on which it will offer support for the blockchain, however, a company official announced that the testing has been carried out on some models.
Once the development of blockchain is completed, Samsung may move to the next project of launching a “Samsung Coin” token, reports say.
The person mentioned: “The market expects Samsung Coin to come out, but the direction has not yet been decided.”
If Samsung successfully develops a public blockchain in future days, then Samsung Coin might be used to trade openly on cryptocurrency exchanges similar to Bitcoin (BTC) and Ethereum. Samsung even plans to bring blockchain technology to Samsung Pay –a payment app. However, Samsung is still unclear with this development, source mentions.
Reports also say that the blockchain task force of Samsung is working for almost a year on developing the blockchain network.
It seems like Samsung is moving into the crypto space at a rapid speed this year, earlier it has launched a cryptocurrency wallet which used to function on Ethereum based ERC20 and Ethereum (ETH) tokens. Prior to this, it had even provided support to blockchain technology by unveiling its Galaxy S10 flagship device.
Samsung SDS, the IT division of the firm, had even released the new version of its Nexledger, an enterprise blockchain platform.
Samsungs meeting with Ethereum has been going through for some time now, and it’s earlier, developments signaled that Ethereum, if used on S10 devices, could be unsafe. It was demonstrated by a user ‘darkshark’ through a video which showed how simple it is to crack the device.
Darkshark quoted; “This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”