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Samsung Develops its Own Blockchain, Samsung Coin Down the Road

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by Julia Sakovich · 3 min read
Samsung Develops its Own Blockchain, Samsung Coin Down the Road
Photo: Samsung

Samsung Electronics is going to build its own blockchain and may soon issue an Ethereum-based ERC-20 “Samsung Coin” token.

Though this year Samsung has already wowed the public by introducing its new Galaxy smartphones with in-built crypto support, the company’s activity in the sphere of cryptocurrencies and blockchain may still seem rather surprising for the community. That’s why the following piece of news has made a splash.

It has become known that this world-famous South Korean electronics giant is working on the development of its own blockchain network. And what’s more, there are already some talks about the issuance of Samsung’s own coin.

Samsung Blockchain Is a Reality?

The source familiar with the matter and close to the company has told the media that the company’s blockchain division initiated the work on the creation of a blockchain mainnet based on Ethereum. Nevertheless, it’s too early to speak about any real results of this work as it is now at the internal experimental stage.

Speaking about the details of this initiative, the source also stated:

“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.”

Moreover, it is supposed that as soon as the blockchain is introduced, Samsung will continue developing in this sphere and will start moving forward the issuance of its Samsung Coin token.

According to the above-mentioned source, the launch of the Samsung Coin is already anticipated and demanded by the community. Nevertheless, the final decision has not been taken yet. That’s why further details can’t be revealed.

But it doesn’t mean that there is no place for analysis and guesses. If Samsung introduces a public network, traders will have an opportunity to work with the company’s token on external crypto exchanges just like they buy and sell ETH or BTC.

There is a possibility that Samsung will take a decision to integrate its Samsung Pay app used for payments with blockchain tech. But no announcements on this issue have been made.

Blockchain Initiatives

According to the information disclosed the company’s blockchain task force initiated active blockchain developments nearly a year ago. And as we have already mentioned, in February Samsung presented its flagship smartphone Galaxy S10 that is able to store cryptocurrency private keys and supports blockchain-based digital signatures as well as decentralized apps.

Nevertheless, the crypto wallet introduced by Samsung seemed to be rather controversial for investors as it hasn’t support of a BTC wallet service and is focused on Ethereum. But if the company develops its own ERC-20 token and an Ethereum-based blockchain protocol, such a move will become absolutely clear and sensible both from the point of view of developers and users.

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