By
Godfrey Benjamin
April 12th, 2024
Recently, LG Corporation announced that they are going to launch their own blockchain smartphones sometime soon. That way the South Korean electronics giant is following Samsung’s KlaytnPhone.
LG Electronics is the biggest competitor to Samsung when it comes to domestic relationships. Many industry experts believe that LG will soon offer its own blockchain smartphones as a follow up to Samsung’s recent development – KlaytnPhone.
According to the report published by a South Korean daily newspaper Chosun, many industry experts are more than convinced that LG is likely to unveil its own blockchain phone. When speaking about an approximate time frame – they believe it’s going to happen soon. However, not all experts are so positive about an upcoming LG Blockchain phone. Some believe that it also might be a completely different innovation for smartphones.
Earlier this year, during the time when Samsung announced their new Blockchain Wallet, LG says they met with several decentralized app (dApp) developers to discuss a possible collaboration in the future.
Additionally, Chosun quoted an unnamed technology insider who said that Samsung could potentially be a more attractive platform for dApp developers:
“[Samsung] makes a more attractive proposition for blockchain developers [as the company] already has a crypto wallet for smartphones and a dApps marketplace.”
Earlier this year, Samsung launched the new Galaxy S10 smartphone with an integrated cryptocurrency wallet app and the ability to support decentralized applications. Later they announced a plan to offer this to their budget Galaxy phones in order to raise mainstream awareness for blockchain.
And now, just a week ago, Samsung announced their blockchain-friendly smartphone “KlaytnPhone”. This phone is currently available only in South Korea for approximately $1,000. However, it turns out that LG just recently filed a patent in the United States for a cryptocurrency wallet for smartphones. Also, LG is a member of GroundX’s Klaytn governance council.
Does this mean that LG will also use the Klaytn blockchain?
When looking at LG Electronics stock price – we see that this year the price has gradually fallen. It went from $14 to $9. But after this news, there is a small pivotal point and a small hope pattern has been formed. Now the stock has recovered a little bit, and sits at $10.84. LG needs to present their new technological innovations in order to boost their stock price and maybe potentially draw more new investors and customers by doing so.