Samsung is a multinational conglomerate which will be soon coming up with its own Ethereum-based public-private blockchain network, per the reports published by a renowned news media of South Korea on Tuesday, 23rd April 2019.
The electronics giant is headquartered in South Korea. The firm accommodates several businesses in it. The company was established back in 1938, and it operates in various fields such as – food processing, textiles, insurance, securities, retail, electronics, construction, and shipbuilding, etc.
And now the company is also planning to launch a new development dubbed as “Samsung coins” along with the issuance of its own Security code. One of the personnel who has insight into the whole development has stated that the “wireless arm” of Samsung is engaged in designing the blockchain mainnet. Therefore, Samsung Coin will be soon launched in the market. However, the exact timeline is yet not decided.
Samsung took part in a $4 million investment round in smartphone-based wallet app ZenGo, last week. In addition to which the company had already introduced a crypto wallet incorporated in Galaxy S10 back in March 2019. The wallet is compatible with ETH and ERC-20 tokens. At present, the development is at an internal experimental stage. For now, the company is planning to launch a private blockchain, but in future, there is the probability of introducing a “hybrid” version, i.e. the integration of both private and public blockchain.
Samsung Coin can be traded like other digital assets on the crypto exchange if in case, the firm launches a public blockchain. It is believed that the firm could also introduce a payment application known as Samsung Pay which would be based on blockchain technology. Because of which the dev team of the firm has been actively exploring on various projects as per the reports.
Nexledger is an enterprise blockchain offering of Samsung is reportedly to incorporate both public and private blockchains but still in the pipeline.