Samsung Developing Ethereum-based Blockchain


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.

Author: Dare Shonubi

Dáre Shonubi is a certified cryptocurrency expert and Blockchain journalist with an extensive experience in blockchain project marketing, media engagement, community management and cryptocurrency market analysis and research. An avid blockchain enthusiast with a view to support the blockchain innovation to optimum adoption and immeasurable development. Dare holds a diploma in the study of blockchain and cryptocurrency.

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