- April 24, 2019
- Posted by: giancarlo
- Category: News
South Korean electronics company and leading cell phone manufacturer Samsung might develop a public-private blockchain that will include its own cryptocurrency. This news comes via an anonymous source speaking to CoinDesk Korea in an article published earlier today.
An initiative on the part of Samsung’s blockchain division, the project would entail a mainnet launch on the Ethereum blockchain, and result in the creation of a token called Samsung Coin.
The source, who claims to have knowledge of the company’s plans, told CoinDesk Korea:
“We expect Samsung Coin to come out in the market, but the direction has not yet been decided.”
Although the news has not been confirmed by Samsung, the company has expanded its reach in the blockchain space over the past year. Just last week, the company participated in a $4 million investment round in ZenGo, a mobile crypto wallet. Additionally, Samsung’s enterprise blockchain solution, Nexledger, has seen significant adoption, including most recently from leading Indian IT firm Mahinda.
As for the blockchain Samsung may be developing, it would likely incorporate elements of both a public and private blockchain. However, details are still not yet available. Said the source:
“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.”
While many in the blockchain space believe that public blockchains are the only kind of blockchain that truly upholds the intended values of the technology — decentralized, permissionless, transparent — a sort of hybrid blockchain could make sense for Samsung, depending on how they intend to use it. Any sort of private blockchain, or public-private hybrid, would mean that the company would, to some degree, act as a centralized authority in the blockchain.