Samsung Developing New Blockchain, may also Launch Samsung Coin

Electronics giant Samsung is well and truly bitten by the blockchain bug! After integrating a crypto wallet with its Galaxy S10 phones, the electronics giant is all set to build its own blockchain. According to a report by CoinDesk Korea, Samsung is developing a blockchain mainnet based on Ethereum. However, it is still in the experimental phase.

Once the blockchain is complete, the company may also go ahead and launch its own Samsung Coin. While the direction of the project has not been decided, the cryptocurrency may be available for trading on exchanges if it is built on a public blockchain. Samsung could also use the new technology to boost Samsung Pay.

The company’s blockchain task force has been active for almost a year, working on side projects. Samsung’s new blockchain solution may contain elements of both public and private blockchain networks.

It is good to see companies like Samsung, JP Morgan and Facebook entering the cryptocurrency industry. This will certainly pave the way for accelerated mainstream adoption.

(Image Credit: Flickr)

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