Samsung Rolling Out Its Own Ethereum-Powered Blockchain, Plans New Token

Samsung Rolling Out Its Own Ethereum-Powered Blockchain, Plans New Token
Samsung Rolling Out Its Own Ethereum-Powered Blockchain, Plans New Token
5 (100%) 6 votes

A world leader in the electronics market, Samsung, is not going to be left behind in the blockchain technology space. It now has plans to roll out its own network and even intends to release its own token with time.

Big Move from Samsung

A report from South Korea recently quoting a source knowledgeable about the decisions of Samsung shows that the company is very serious with moves to buy Ethereum (ETH). Samsung seems unstoppable in its drive to become and remain one of the most dominant players in the online trading space. The unit said to be in charge of the blockchain project is Samsung’s department of wireless works. It is going on relentless with work on its ethereum-based network. But the report quickly pointed out that the work is still at its early stages. What this signifies is that there is still a long way to go.

Thinking Ahead

Samsung has not hidden its plans to become a leader in various fields of emerging technologies and blockchain technology is definitely one of such. At this stage, it is still not clear whether Samsung is going to make the product private or public or even a blend of both. However, what is sure and certain is that the company is not holding back in its plans.

The same report quoted above shows that by the time Samsung finishes this blockchain project, the next step will even be more interesting. This is going to be the development and release of the company’s own token, aptly named Samsung Coin. After this is released, the expectation is for Samsung to hit the market with it. However, the thing is that much of the details are still not revealed yet, but Samsung is clearly thinking ahead.

The possibilities are virtually limited. In a scenario where Samsung is able to launch its own coin for public use, there will be new doors opened. For example, Samsung Coin will suddenly be available on public trading floors and cryptocurrency exchanges. In a matter of time, it is expected that Samsung Coin will be challenging traditional packages like Bitcoin (BTC) and even Ethereum (ETH). But as hinted earlier, Samsung is not going to stop at that as there are other more features available.

The company is also thinking along the line of applying the blockchain technology to its own payment applications like Samsung Pay. There is no official conclusion on this yet but recent development points to its possibility. For the Samsung unit focusing on the blockchain project, the emphasis has been in fulltime work for about 12 months now. This is in addition to a number of other projects that it is also handling.

A couple of months ago, Samsung threw its gauntlet into the blockchain circus with the launch of its super product, the Samsung Galaxy S10. This device has the cutting-edge technology to keep cryptocurrency private keys and other related information like digital signatures on its database. Not long after that, Samsung itself released info on its cryptocurrency wallet – a pointer to a greater future.

About Ali Raza

> 359 Articles
A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.