According to the CoinDesk portal, the South Korean technology giant Samsung is developing its own blockchain, on the basis of which a new cryptocurrency will be released.
Based on the available information, the Ethereum code base formed the basis of the new system. At the moment, the project is at the stage of internal testing, however, after the launch of the blockchain system, it can become public, and the Samsung Coin coin based on it can be traded on the stock exchanges.
Subsequently, the new system can be embedded in the Samsung Pay application to speed up the payment. Note that in September the service has already launched in Russia a service for cashless transfers of funds using tokenization technology.
Recently, Samsung is increasingly interested in the world of digital currencies. Thus, the company previously introduced a new Samsung Galaxy S10 smartphone with a built-in Blockchain KeyStore and a cryptographic vault. Now the company plans to integrate cryptocurrency wallets into more budget models of its devices. Thus, the company intends to provide the possibility of using blockchain technologies to an even greater number of users.
We are removing barriers to the development of new technologies, gradually expanding the number of Galaxy models that support the functions of the blockchainsaid Samsung.
In addition, the company plans to further expand and improve security and convenience functions based on distributed registry technologies. For example, Samsung is preparing to launch a blockchain-based mobile identification card, which will be released with the support of two local telecom operators: SK Telecom and Korean Telecom.