The network would be public-private to conduct both users’ and internal processes. This company has its own team dedicated to design developments related to distributed accounting technology
Samsung, the multinational company located in South Korea, not only now supports Dapps (decentralized applications). It is also developing its own blockchain, which would be public-private, and even considers issuing its own cryptocurrency.
According to workers and people “familiar with the internal situation of Samsung”, the blockchain work team of this electronic company is building a network based on the Ethereum blockchain (ETH). This initiative comes from the division dedicated to the blockchain sector of the company. However, the project is still in the stage called “internal experimental”.
Currently, the company plans to design a private blockchain network, although the representatives of the corporation are not decided so far about this point. In this project, the multinational also plans to create a chain of public blocks in the near future, and even to give shape to a hybrid network, that is, to combine the public chains of blocks, where users will access, with a private chain of blocks, in order to execute internal processes.
By completing these steps and finalizing its own blockchain platform, the South Korean giant could finally launch its own token, which would be called “Samsung Coin”, according to workers. This launch would take place possibly after the launch of the blockchain platform and when the company’s managers decide it.
The reason why they would follow this order to launch the platform is due to when the development of the blockchain is completed, the different exchange houses will be able to market the Samsung Coin, in the respective moment. Also, among the considerations of the Samsung workers is that the new cryptoactive complements the payment application of Samsung, Samsung Pay.
The implementation of a new cryptoactive and a blockchain platform for Samsung is another step in the path of adoption of distributed accounting technology and cryptography. Recently, this company launched the new smartphone Samsung Galaxy S 10, which includes a wallet for cryptoactives, but only supports Ethereum (ETH) and tokens based on Ethereum, so that users cannot store cryptocurrencies such as Bitcoin.
Currently, Samsung S10 supports four Dapps: The Ethereum Enjin gaming app, a beauty app called Cosmee, the CryptoKitties collectibles, and a BitPay service called CoinDuck.
Last week, the company participated in a USD 4 million investment round in the ZenGo wallet application for smartphones. With this action, Samsung demonstrated that it believes in the profitability and future of this emerging technology.
In addition, the company’s IT arm, Samsung SDS, has partnered with the Indian Giant Tech Mahindra, a multinational information technology provider. The aim is to strengthen the use of Samsung’s Nexledger blockchain security platform, especially in the United States, India and different regions of Europe.
This platform has been used in fields such as finance, manufacturing, logistics and other areas, so developments based on blockchain technology are just beginning.
The news, although it is not officially confirmed, occurs whilst Samsung continues its incursions into the world of blockchain technology and cryptocurrencies.
By María Victoria Rodríguez
