- Samsung plans on developing its own hybrid blockchain platform based around the ethereum network
- Future developments could also create their very own cryptocurrency “Samsung Coin”
- Samsung SDS revealed the brand new NexLedger Universal
Many conglomerates and industry giants are joining the extensive world of cryptocurrencies in order to explore the vast possibilities of this new and advanced technology. There have been several announcements this year from companies like IBM, but the show stealer was that of Samsung. The South Korean mega-industry giant has announced in a local newspaper that they are already working on their very own blockchain network.
Recent reports sourced from a person who is “familiar with Samsung’s internal situation” suggest the company is already developing a blockchain mainnet based on the Ethereum platform and a blockchain division is instated. It was also noted that the entire process is still in its early development stage. The source mentioned to the local agency that :
“Currently, we are thinking of a 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 private and public blockchains.”
A few months ago, as reported by the Blockchain Reporter, Samsung launched its latest flagship smartphone, the Galaxy S10, which featured a cryptocurrency wallet specifically for Ethereum.
Like many other cryptocurrency wallets, the support for Bitcoin and other major cryptocurrencies might be added later.
This, in turn, shows the inclination of Samsung towards the Ethereum platform. The company even unveiled its very own cryptocurrency wallet which also supported Ethereum-based ERC20 tokens. The wallet comes pre-installed in the S10 although it isn’t available in some countries as of now. The phone has also shown support for various decentralized applications (dApps) such as the crypto gaming platform Enjin, crypto collectibles platform Cryptokitties and merchant payments service CoinDuck.
Furthermore, it was also stated that when the company is ready with their private blockchain network, they may shift their focus towards building their very own cryptocurrency which the source called “Samsung coin.” But according to him “the direction has not yet been decided.”
What this means is if the institution makes its blockchain public in the future, the Samsung coin could be traded just like any other cryptocurrency. There are possibilities of merging their cryptocurrency to their apps like Samsung Pay as well. The company’s blockchain taskforce is believed to be active for almost a year now and is working on various blockchain related projects which are still kept under the radar as of now.
The other less known subsidiary of Samsung, Samsung SDS, also announced the launch of their new product the Nexledger universal.
The NExledger is an enterprise-oriented standard blockchain platform that provides a standard Application Programming Interface (API). This API can be linked to their very own SDS Nexledger Consensus Algorithm (NCA) and to third-party applications like IBM’s hyper ledger Fabric and Ethereum as well. Hong Hyeong-Jin, the CEO of Samsung SDS said:
“We plan to expand the cloud-based blockchain platform business by adding NexLeisure Universal to other cloud marketplaces.”