Source: Samsung plans to launch blockchain – complete with its own Samsung coin

The South Korean electronics giant Samsung may be in the process of developing a blockchain with its own cryptocurrency. This according to information given to Coindesk Korea from an anonymous source, Coindesk reports.

“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”, says the source to Coindesk Korea.

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Based on the ethereum network

The blockchain would then be built by Samsung’s own blockchain team and be based on the ethereum network. The new token that is supposed to be created would get the name Samsung coin.

However, the project is still at the “internal experimental” stage.

“We expect Samsung coin to come out in the market, but the direction has not yet been decided”, says the source.

“We expect Samsung coin to come out in the market”

If Samsung coin becomes a reality on a public blockchain, the cryptocurrency could theoretically be traded on crypto exchanges worldwide in the future, just like people today can buy bitcoin or ethereum. Samsung coin could also be combined with the company’s payment service Samsung pay.

Recently, Samsung revealed that their new mobile phone Galaxy S10 has a built-in crypto wallet, Coindesk writes.

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