Samsung is developing its own Ethereum based blockchain

According to rumors, electronics giant, Samsung is considering developing its own Blockchain, accompanied by its own token. The new token will be on the Ethereum blockchain and later converted into its own blockchain, while the new blockchain could possibly be a fork of Ethereum.

CoinDesk Korea first reported that Samsung plans to launch its own blockchain, which would be based on Ethereum. The new token, which has been popularized as “Samsung Coin”, would be used for Samsung’s public-private blockchain.

According to anonymous reports,

“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. The market expects Samsung Coin to come out, but the direction has not yet been decided.”

Samsung itself has been tight-lipped on the subject. But the recent announcements definitely hint at Samsung’s plans of venturing into the crypto world.

The company has already showcased its interest in blockchain technology and cryptocurrencies after the Samsung Galaxy S10 had in-built support for a few cryptocurrencies, including Ethereum (ETH). The company also recently invested $2.9 million in hardware wallet manufacturer, Ledger.

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