Samsung Blockhcian South Korean electronics giant Samsung is developing its own blockchain network and eyeing the issuance of its own token further down the road.
An exclusive Samsung Blockchain report on Tuesday, citing a person “familiar with Samsung’s internal situation,” said that the company’s blockchain task force – part of its wireless division – is building a blockchain mainnet based on ethereum. The work, however, is still at the “internal experimental” stage.
Samsung Blockchain report The source said:
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.”
When the development of the blockchain is completed, Samsung may also move to launch a “Samsung Coin” token, according to the report.
The person said:
“The market expects Samsung Coin to come out, but the direction has not yet been decided.”
If the company develops a public blockchain in the future, then Samsung Coin could be traded publicly on cryptocurrency exchanges just like bitcoin (BTC) and ether (ETH). Samsung could also bring blockchain technology to its payments app Samsung Pay, but the move is not yet decided, according to the source.
Samsung’s blockchain task force has been in active development for at least a year, and is working on a number of projects, according to the report.
Two months ago, the company made a leap into the blockchain arena with the unveiling of its flagship cellphone, the Galaxy S10, which has the ability to store cryptocurrency private keys and other features such as support blockchain-based digital signatures.
In March, Samsung officially revealed the cryptocurrency wallet, which is compatible with ether (ETH) and ethereum-based ERC20 tokens, although notably not bitcoin in early glimpses. According to some reports, the wallet is not yet available in some jurisdictions.
The S10 also supports decentralized apps (dapps) such as crypto gaming platform Enjin, beauty community Cosmee, crypto collectibles platform CryptoKitties and merchant payments service CoinDuck. The top 10 bitcoin wallet
What is it?
The blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting and many other issues.
Blockchain also has potential applications far beyond bitcoin and cryptocurrency.
Blockchain is, quite simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the internet without the need for a centralized third party.
From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.
Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance.
Samsung’s blockchain For an overview of cryptocurrency, start with “Money is no object.” This paper, from PwC’s Financial Services Institute, focuses on cryptocurrency. We explain where it came from, how much consumers know about it and use it, what it will take for the market to grow and what the regulators think. We also look at how market participants, such as investors, technology providers and financial institutions, will be affected.
For some quick background on blockchain, take a look at these two short articles:
Samsung’s blockchain The first Q&A provides some examples of the innovative uses of blockchain implemented by financial institutions and an overview of the challenges and opportunities that blockchain presents for the industry.
The second Q&A discusses the trends that have shaped Samsung blockchain technology and how it has been used and developed.
For a deeper dive into blockchain’s implications, read “A strategist’s guide to blockchain.” This article, from strategy+business, examines the potential benefits of this important innovation—and also suggests a way forward for financial institutions. Put simply, proceed deliberately. Explore how others might try to disrupt your business with blockchain technology, and how your company could use it to leap ahead instead. In all cases, link your investments to your value proposition, and give your business partners and your customers what they want most: speed, convenience and control over their transactions.
For a peek into the application of blockchains for smart contracts, check out “Blockchain and smart contract automation”. This short series of articles explore how blockchains, both public and private, have triggered a global hunt for ways to remove friction from transaction-related processes, including the process of reaching contractual agreements. Learn about the precursors, challenges and future outlook of implementing smart contracts. We also chat with Gideon Greenspan of Coin Sciences to learn about his views on the legal ramifications of public blockchains and why companies are seeking alternatives.
When a technology moves so quickly, it’s dangerous to sit on the sidelines. We’re watching blockchain move from a startup idea to an established technology in a tiny fraction of the time it took for the internet or even the PC to be accepted as a standard tool. Blockchain technology could result in a radically different competitive future for the financial services industry. These articles will help you understand these changes—and what you should do about them.