This tech behemoth is working on developing its own blockchain network, with talks hinting at a possible debut of a Samsung-branded digital token.
An insider, allegedly familiar with the unfolding events at Samsung, has disclosed to CoinDesk Korea that the company is crafting a blockchain platform akin to Ethereum.
Samsung has not officially confirmed these revelations. Whether this blockchain mirrors Ethereum or just borrows the idea of smart contracts is still up in the air.
Samsung might take a leaf from JP Morgan’s playbook with their Quorum model, indicated reports suggesting that Samsung prefers a private ledger as a precursor.
“As of now, we’re leaning towards a private blockchain approach, although nothing is set in stone. A public blockchain is not out of the question in the future, and a hybrid model seems most likely —meshing both private and public blockchain elements.”
The Samsung insider also mentioned the term 'Samsung Coin', hinting at the electronics giant potentially releasing a digital asset linked to its blockchain initiative.
Nevertheless, this name might just be a placeholder. By the time it reaches the market, the token could carry a different moniker, aligning with Samsung’s strategic branding plans. As for its purpose, details remain scarce for now.
Unpacking the blockchain and crypto sphere,
Samsung training its sights on blockchain technology marks their second headline-worthy foray into the crypto space this year.
Earlier this year, in February, saw Samsung break new ground when the tech giant revealed that confirmed their flagship model, the Galaxy S10, would incorporate blockchain-based features straight out of the box.
Just weeks after the announcement, Samsung officially announced the S10's Blockchain Wallet app, launching with support for ether (ETH) and Ethereum ERC20 tokens.
Notably, the phone can serve as a hardware wallet thanks to Samsung Knox's 'secure environment' technology, letting users store cryptocurrencies securely, bypassing the need for always-online hot wallets.
The embedding of crypto functionalities into the S10 reverberated through the cryptocurrency community because it marked the first instance of a leading smartphone maker integrating blockchain technology directly into its device lineup.
This progression also fueled theories that competitors like Apple and LG might roll out similar crypto-related features in their upcoming phone models. But whether they will remains a topic of speculation.
Ethereum is enjoying a favorable trend in terms of enterprise and institutional adoptions now.
The Ethereum network could hardly find itself in a worse spot as industry titans explore its potential.
For example, JP Morgan’s expanding Interbank Information Network and the impending JPM Coin are built on Quorum, a private adaptation of Ethereum. The design of the Ethereum protocol facilitates interoperability, allowing Quorum and public Ethereum to connect seamlessly.
Among the 'Big Four', EY has recently introduced a new suite of blockchain tools, one of which includes Nightfall — a privacy protocol utilizing zero-knowledge proofs (ZKPs) to enable businesses to obscure transaction data on Ethereum’s public network. EY notably released this tool as open-source software.
One of the planet's largest banking institutions has also recently turned to Ethereum. This week, France’s Societe Generale shared that it was releasing bonds issuing security tokens using Ethereum, touting the pilot as a possible pathway to streamline the bond issuance process.
With these influential entities delving into Ethereum, it's apparent that corporate acceptance of this leading smart contracts platform is not slowing down any time soon.
