Electronics giant, Samsung, is on the verge of completing its own blockchain network, as well as release its own token, the “Samsung Coin”, in the nearest future.
Although the project is still at its early stage, Samsung, according to a source who revealed this to CoinDesk Korea, is building a private blockchain, which would be made a public blockchain in future or a hybrid blockchain – a combination of both public and private blockchains.
The source also hinted that once the blockchain is complete, the South Korean firm would proceed to launch its own token.
“We expect Samsung Coin to come out in the market, but the direction has not yet been decided,” he said.
The aim of Samsung for developing a public blockchain, is to ensure that the Samsung Coin is traded publicly on cryptocurrency exchanges like it is with the Bitcoin (BTC) and Ethereum (ETH).
More so, unofficial reports indicates that the firm may also include the blockchain technology in its payments application, Samsung Pay.
Since it expressed interest in blockchain development, Samsung’s blockchain task force has been active, working on bringing several projects to fruition.
Recall that in February, the company delved into the blockchain platform with the launch of the Galaxy S10, which was built with the capacity to store cryptocurrency private keys and support blockchain-based digital signatures.
More so, just last month, Samsung officially unveiled its cryptocurrency wallet, which is compatible with ether (ETH) and ethereum-based ERC20 tokens.