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Samsung betting on blockchain with new priorities and solutions


Fri, 21 Jun 2019, 05:24 am UTC

Samsung is a giant force in the smartphone industry and it is currently pushing hard into the field of blockchain. The South Korean company recently announced plans to prioritize integrating blockchain into its 10-year plans and also unveiled solutions to worries pertaining to the nascent technology. Regarding that last part, it is basically applying a novel approach that it calls the “3C solution.”

Jay Y. Lee, the Vice Chairman of Samsung Electronics Co. recently outlined what the company has planned over the next decade, Bloomberg reports. On top of looking towards 6G, even though 5G has not even been widely implemented yet, the tech giant has blockchain as a major priority. This is the company’s way of looking towards the future instead of getting stuck in past glories.

“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” he said.

It makes sense for the South Korean giant to invest heavily in blockchain and some of its executives have already expressed interest in collaborating with startups in the emerging market. Its Nexledger platform currently caters to enterprises and businesses, but Samsung is considering expanding its scope.

The smartphone manufacturer also addressed some of the biggest concerns when it comes to blockchain integration in a recent press release. It discusses plans on how adoption issues will be discussed through the “3C solution”; Convergence, Connectivity, Cloud.

The release goes into detail as to what this solution entails, but it generally boils down to converging services, connecting these services together, and doing so through the cloud. This is intended to head off the potential chaos that the haphazard integration of blockchain could bring. Samsung is more than prepared to take these issues head-on and already has a plan to address potential pitfalls in its roadmap.

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