A report has revealed that Samsung is planning to develop its own proprietary blockchain network, as well as launch its own cryptocurrency token.
Citing a source who is “familiar with Samsung’s internal situation,” CoinDesk Korea reported that the South Korean company’s blockchain task force is working on an ethereum-based blockchain network.
However, the project is currently in the “internal experimental” stage.
“Currently, we are thinking of a private blockchain, though this is not yet confirmed. It could also be a public blockchain in the future, but I think it will be a hybrid — that is, a combination of public and private blockchains,” the source said.
The source also revealed that the company is planning to launch its own “Samsung Coin” in the future.
The news comes as Samsung just invested 2.6 million euro (around $2.9 million) into French cryptocurrency company Ledger, which is best known for its hardware products, specifically its most popular product, the Nano S. Ledger also recently released the Bluetooth-enabled Ledger Nano X, which boasts wireless connectivity, a larger screen, support for more crypto assets and faster speed.
And earlier this year, Samsung presented its first blockchain partners for its Galaxy S10 smartphone, “with the world’s most popular smartphone maker confirming that it will support bitcoin, ethereum, Cosmee and Enjin, together with a range of decentralized apps (dApps).”
In fact, Samsung published a blog post last year stating that smartphones had the best security for blockchain and cryptocurrency.
“It comes down to the Trusted Execution Environment (TEE) in the smartphone,” the company said. “The TEE is a separate execution environment with its own memory and persistent storage, completely isolated from the rest of the device. The Android OS can’t reach into the TEE, even if the former is completely compromised. The only way to get to and from the TEE is with an API that calls small applications running in the TEE ‘trustlets.’ With a properly written wallet that uses trustlets to manage the keys, security is seriously tight.”
The Samsung cryptocurrency push comes after the firm’s profits declined nearly 60 percent in the first quarter of 2019, compared to last year.