Samsung working on new blockchain, could launch own crypto

Samsung is certainly no stranger to the blockchain space and recently went a step further when it introduced the updated S10 smartphone with a built-in (albeit simple) cryptocurrency wallet. Now, the tech giant is reportedly taking its blockchain efforts to a whole new level, and is building a public-private blockchain that could include its own token, the Samsung Coin. 

According to a story that appears in CoinDesk Korea, Samsung is ready to launch its own blockchain mainnet, which is based on the Ethereum blockchain. Along with the blockchain, the new token would be offered, and a source close to the company states, “We expect Samsung Coin to come out in the market, but the direction has not yet been decided.”

Samsung has not officially confirmed the new mainnet or the Samsung Coin, but this isn’t surprising—it didn’t reveal the crypto wallet in the S10 until just prior to the smartphone’s release. It has always maintained a certainly amount of privacy with many of its endeavors. 

However, there are always clues to what the company could be working on. Ahead of the S10’s launch, there were several trademark filings by Samsung that were all related to blockchain terms. The company has also filed for a number of blockchain patents and, most recently, was involved in the funding round of a smartphone crypto wallet app—ZenGo—that received $4 million. It becomes apparent that Samsung is ready to embrace blockchains and crypto, which is going to go a long way toward global adoption of both. 

Since Samsung isn’t spilling the beans on the project, anything is possible. The source who spoke with CoinDesk added, “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.”

One thing that is known is that Samsung’s Nexledger, a blockchain security platform, is gaining a lot of attention. Only about a week and a half ago, the platform was chosen by Indian vehicle manufacturer Mahindra to help Nexledger expand internationally. Samsung SDS President Mahn Chey said at the time, “We are proud to announce our joint efforts to promote Nexledger in the global market with Tech Mahindra. As a company that believes in the value the blockchain technology will bring, Samsung SDS has dedicated its efforts to develop a blockchain platform, Nexledger, that meets the enterprise needs in the business sector. Together with Tech Mahindra, we look forward to delivering blockchain powered digital transformation to our clients.”