Report: Samsung Is Developing Its Own Blockchain, Explores Launching "Samsung Coin"

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Samsung Electronics is developing its own blockchain

Samsung Electronics is developing its own blockchain, a person familiar with the matter told CoinDesk Korea. The electronics industry giant, which generated $221 billion in revenue in 2018, is also reportedly exploring a “Samsung Coin” cryptocurrency.

According to CoinDesk Korea’s source, the company is using Ethereum as a template for its blockchain, which is still at the experimental stage of development. The development is being handled by Samsung Electronics’ blockchain team, which is part of the company’s wireless division. The source said Samsung’s blockchain will likely be a hybrid design with properties of both public and private blockchains.

Samsung already has a presence in blockchainThe project wouldn’t be Samsung Electronics’ first foray into blockchain. For example, the company’s recently released Galaxy S10 flagship smartphone has the capability to securely store private keys used to access blockchain-based assets. S10 users can also download a wallet that leverages this technology to store, send and receive ETH and ERC-20 tokens.

In the cryptocurrency world, the biggest beneficiary of Samsung’s flirting with blockchain tech has been ENJ. As rumors of a collaborations between Samsung Electronics and Enjin spread, the ENJ market went into a speculative frenzy, driving the price from $0.04 on February 24 all the way to $0.23 on March 9. The token has managed to maintain a large portion of the gains from this rally, as ENJ is trading for $0.16 at the moment.

Other blockchain projects Samsung collaborated with include CryptoKitties, Cosmee and CoinDuck.

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