In yet another example of a mainstream organization adopting the blockchain, South Korean consumer electronics giant Samsung is reportedly working on developing its own blockchain network. The people privy to the development said that this blockchain platform will ultimately result in the launch of Samsung’s own cryptocurrency in the market at a later point in time.
According to the reports, (which has been prepared with the inputs of key people involved in Samsung’s blockchain project), the company is putting in efforts to build an open ledger network based on the Ethereum platform. The team involved in the process comprised of the same people who work for the wireless division of the company. In terms of the blockchain development stage, the whole experimentation is still in the infancy stage and will take a good amount of time to come to fruition.
According to the exclusive inputs of the person directly related to building Samsung’s blockchain, the company is looking forward to developing a private blockchain system although it is not yet confirmed. In fact, the blockchain could also be hybrid in nature that means it might possibly incorporate the features of both public and private blockchain. The report further states that once the development of its blockchain is complete, Samsung could possibly go ahead with the launch of its own token in the market. That said the direction of launching the coin and its possible target users is not clear as of now.
Just so you know, the blockchain division of the company is actively involved in building the platform for around a year now and handling a number of projects in different domains. We have already seen the progress in the form of Galaxy S10 launch which has the capability to store cryptocurrency keys in addition to supporting digital signatures based on the blockchain platform. Also, the company unveiled cryptocurrency wallet in March earlier this year which has the support for ERC20 and Ethereum tokens although Bitcoin was surprisingly omitted from the list. It is also important to note that the wallet is not available in every jurisdiction. In terms of compatibility features, S10 has got the support for dApps such as CoinDuck, Cosmee, CryptoKitties among others.
The development is considered significant as it involves a global household name in the consumer electronics business. The steps taken by large organizations to embrace blockchain and cryptocurrency are considered important as it enhances their rate of adoption among the general public. These big names indeed provide credibility to the technology which is very necessary for the fledgling areas such as blockchain and digital assets.