According to inside sources, Samsung, the South Korea giant plans to develop a mainnet based on the Ethereum blockchain. As the development is still in its experimental stage, the details are not yet known.
The blockchain may lead to the issuance of a cryptocurrency down the line even through South Korea still frowns at digital currencies.
According to the report, Samsung’s blockchain task force, a division of its wireless section, has been working vigorously to meet a certain deadline regarding building a private blockchain which could later on coexist with its public blockchain counterpart in what was referred to as a “hybrid”.
“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 market expects Samsung Coin to come out, but the direction has not yet been decided.”
Samsung’s blockchain visions incorporate a few possibilities:
The proposed hybrid blockchain may see Samsung building a cryptocurrency which will be traded publicly on exchanges. Samsung’s payment app, Samsung Pay may also eventually feature blockchain diversion.
The company made a big entrance into the blockchain two months ago when it unveiled its new Galaxy S10 mobile device which features ability to store private keys and features supporting blockchain-based digital signatures.
Samsung’s galaxy S10 also supports the use of decentralized apps (dapps) including Enjin and merchant payment services, Coinduck.