Samsung is getting into Blockchain too!

Samsung is creating its own Ethereum based blockchain network and would issue its own token on its mainnet soon. The team is said to be developing “a blockchain mainnet based on Ethereum.” If the company develops a public blockchain, it could be traded on cryptocurrency exchanges across the world, like Bitcoin and altcoins. According to a recent report, Samsung’s blockchain task force has been in active development for at least a year, and is working on a number of blockchain projects.

Though it hasn’t been confirmed by the team, Samsung is thinking of launching a private blockchain. While launching a public blockchain has not been shuttered, it may be a hybrid, meaning a combination of public and private blockchains. As Facebook announced the launch of Libra and JPMorgan’s JPM coin is out for customer trials, Samsung coin may be the next project in the works. The coin could be traded on cryptocurrency exchanges or used as a payment option in the payment app.

In March, Samsung launched its new flagship mobile phone, Galaxy S10. The smartphone supports a number of DApps as well as featuring a Samsung crypto wallet supporting ether and ERC20 tokens. The Samsung Blockchain Wallet recently hit the Galaxy Store for Galaxy S10 devices. Their wallet includes support for many popular cryptocurrencies like Ethereum, Basic Attention Token, Maker, Auger, OmiseGo, ZRX, and several stablecoins. Users can also add ERC20 tokens that the wallet doesn’t support by default. One interesting fact about the wallet is that it doesn’t support Bitcoin yet. Users can store, send, and receive cryptocurrency on the app and it’s more user-friendly as it comes with an address book. In the address book, you can give nicknames to wallets that you consistently transact with to avoid needing to continuously enter complex public addresses.

The blockchain wallet includes access to DApps like video games, collectibles and many more fun and interactive items through the app interface. All private keys are stored in the Samsung wallet and they utilize the Blockchain Keystore. The idea that the wallet will sync with Samsung Pay is doing the rounds in the community, though this feature is not yet available.

Samsung has also joined three financial services firms, three mobile carriers, in a partnership to develop a self-sovereign identity. This could remove the involvement of intermediaries like government-certified or publicly run entities that manage personal data and enable individuals and organizations to assert their identity in online transactions. Chasing this innovation could take Samsung to the top of blockchain applications and massively boost the company rolling out this revolutionary new way to identify oneself.

Disclaimer

Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.