South Korean electronics giant Samsung is purportedly working on having a blockchain of its own, and could issue its own cryptocurrency token.
South Korean crypto media reported that according to an unnamed source close to Samsung, the company’s wireless division is developing a blockchain mainnet, although it is less clear if the blockchain will be a private or public one.
“Right now I am thinking of B2B as a private blockchain, but it has not yet been confirmed,” the source said.
“I could go public chain in the future, but I think it will go to hybrid type of public and private mixed right now.”
What seems more certain for now is that the mainnet is likely to be Ethereum-based. This would make sense considering Samsung’s Galaxy S10 smartphone digital wallet also supports Ethereum. After the mainnet is ready, Samsung could possibly issue a “Samsung coin”.
The project is reportedly only at an internal experimental stage for now, however.
“We expect Samsung Coin to come out in the market, but the direction has not yet been decided,” added the anonymous source to CoinDesk Korea.
No official word has been given publicly by Samsung yet.
The Galaxy S10’s crypto wallet is not the only area of blockchain technology Samsung has been developing. Samsung SDS, the IT enterprise subsidiary of Samsung, already has a blockchain platform, called Nexledger. TheCryptoSight reported earlier this month that Samsung SDS and Indian multinational IT company Tech Mahindra are joining forces to promote Nexledger around the world.
Just last week, Samsung also took part in a $4 million investment round for crypto wallet application ZenGo.