Technology giant Samsung is reportedly developing its own blockchain network and cryptocurrency token, Samsung Coin. According to CoinDesk Korea, Samsung’s blockchain task force, which is part of the company’s wireless division, is now creating a blockchain main net based on Ethereum. The source revealed to the media outlet:
“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 source also revealed to the media outlet that if Samsung develops a public blockchain, the Samsung Coin may be traded publicly on cryptocurrency exchanges like Bitcoin and Ether. The company may also bring the blockchain technology to its mobile payment app Samsung Pay.
The blockchain development plans come less than six months after Samsung sought a UK trademark for its very own cryptocurrency wallet. As previously reported, the trademark was filed with the UK Intellectual Property Office on Thursday (December 27th). In the filing, Samsung reported that included with the crypto wallet are Smartphones; Tablet computers; Portable computers; Mobile telephones; Computer software.
“Computer software for use as a cryptocurrency wallet; Computer software for cryptocurrency transfer and payment using blockchain technology; Computer application software for smartphones, namely, software to allow users to transfer cryptocurrency based on blockchain technology and pay via 3rd party’s application software.”
Samsung notably filed three European Union (EU) trademark applications for blockchain and cryptocurrency related software in December 2018.