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”.
Considering a private blockchain, that could morph into public in the future
“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 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.