Samsung Developing Ethereum-Based Blockchain

The South Korean electronics giant is rumored to be developing its own blockchain network complete with its own cryptocurrency token. An anonymous source has told the crypto news outlet CoinDesk Korea on April 24. The rumor allegedly came from an anonymous source whose “familiar with Samsung’s internal situation,” said that the team involved in the process comprised of the same people who work for the wireless division of the company, is building a blockchain mainnet based on ethereum. The work however, is still at the “internal experimental” stage.

According to the exclusive inputs of the person directly related to building Samsung’s blockchain- “Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.” According to CoinDesk report, once the development of the blockchain is completed, the electronics giant may also move to launch a ‘’Samsung Coin.’’ The official stated: “We expect Samsung Coin to come out in the market, but the direction has not yet been decided.”

While the news haven’t been officially confirmed by Samsung, it comes as the South Korean electrics giant continues its forays into both the blockchain and cryptocurrency industry. Approximately two months ago, Samsung blew up the cryptosphere by releasing its flagship cellphone, the Galaxy S10, which features a cryptocurrency private keys storage and other features such as support blockchain-based digital signatures.