Rumor Mill: Samsung Develops Its Own Blockchain – Will the Samsung Coin Coming Soon?

The electronics manufacturer Samsung is reportedly planning its own blockchain. The South Koreans also want to emit a token. After the crypto wallet in the latest smartphone flagship S10, Samsung seems to expand its blockchain strategy.

The issue of coins and tokens is becoming increasingly attractive for tech companies. After Facebook had already announced the end of 2018, to publish a stable coin for WhatsApp to sound from the house of Samsung now similar sounds.

As the industry magazine CoinDesk Korea reports, a task force is already working on the development of a blockchain based on Ethereum. In doing so, the medium relies on an unnamed insider source that claims to be familiar with the internal processes.

CoinDesk quotes the insider as follows:

 “We’re currently considering a private blockchain, but that’s not yet confirmed, it could continue to be a public blockchain in the future, but I think it’s going to be a hybrid – that is, a combination of public and private blockchains.

The concrete design of the project is therefore still completely open.

Samsung Coin as a logical consequence

The development of a blockchain could be considered as preparation for the launch of its own coin or token. If this is actually Ethereum-based, an ERC20 token should be expected.

The news comes after a series of reports on the South Korean electronics manufacturer’s entry into the blockchain sector. So the integration of a Blockchain Wallet in the Samsung Galaxy S10 hit high waves. After all, Samsung was the first smartphone producer to enable customers to place tokens on their smartphones.

Unlike originally thought, however, so far S10 users can only store ethers and ERC20 tokens on the device and use distributed apps like Cosmee. Bitcoin does not support Blockchain Wallet yet.