Samsung working on Ethereum-based blockchain, could issue own token: Report

South Korean electronics giant Samsung is working on its own blockchain network and could issue its own token, CoinDesk reported.

A source familiar with the matter told CoinDesk that Samsung’s blockchain task force, which has been in active development for nearly a year, is building an Ethereum-based blockchain mainnet.

The project is currently in the "internal experimental” stage. The source said:

“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.”

Once the development is complete, Samsung could consider issuing its native token “Samsung Coin”. If the company develops a public blockchain, then the token could be traded publicly on cryptocurrency exchanges.

“We expect Samsung Coin to come out in the market, but the direction has not yet been decided,” the source added.

The source went on to state that the company could also integrate blockchain technology with its payments app Samsung Pay, adding that the move has not been decided yet.

Earlier this year, Samsung unveiled its flagship smartphone, the Galaxy S10, which supports secure storage for cryptocurrency private keys. Last month, it announced the Samsung Blockchain Wallet, compatible with ether (ETH) and ethereum-based ERC20 tokens.

More recently, Samsung SDS, the company’s IT arm, launched the next version of its enterprise blockchain platform ‘Nexledger.’