Samsung, the South-Korean mobile and technology Giant, had made the news in the beginning of the year with the launch of the blockchain and cryptocurrency wallets in its new flagship phone Galaxy S10. The cryptocurrency wallet on Galaxy s10 currently supports only limited cryptocurrencies which include Ethereum and ERC20 based tokens.

Recently, it announced two significant developments at the blockchain realm, which includes Samsung blockchain with the possibility of Samsung coin and an Application Programming Interface (API) standard.

Moreover, the blockchain wallet also supports a few starter dapps and plans to provide an ecosystem for decentralized Applications on its phone.

Samsung Blockchain in Development: Samsung Coin to be Public or Private?

Reportedly, Samsung Group is working on the mainnet of a blockchain system. According to internal sources at the firm, Ethereum’s platform is being used to build the blockchain mainnet on Samsung.

The design and utility of the Blockchain have not been announced yet. However, according to the source, initially, it will be rolled out as a private permission network. Moreover, a public release of the cryptocurrency is also possible which might enable payment and smart contracts on Samsung phones and devices similar to Ethereum.

Reportedly, Samsung ships more than 70 million smartphones each quarter since the past five years. The ubiquity of the smartphone network and Samsung’s dominance over it is undisputed. Hence, Samsung Coin is likely to have a similar effect as the ‘Facebook Coin.’

The internal source told the media that:

“Right now I am thinking of B2B as a private block chain, but it has not yet been confirmed,” he said. “I could go public chain in the future, but I think it will go to hybrid type of public and private mixed right now.”

Samsung SDS Announce A Universal API

Another Subsidiary of Samsung, Samsung SDS has also announced the launch of Nexledger Universal, the next version of Nexledger, an enterprise block-chain platform. The Nexledger is a standard blockchain platform that is built for enterprises; it provides a standard Application Programming Interface (API).

The Samsung SDS API can be linked to Samsung’s SDS Nexledger Consensus Algorithm (NCA), IBM’s Hyperledger Fabric, and Ethereum as well.

A spokesperson for Samsung SDS told the media:

“With this, customers can apply application services such as user authentication, payment settlement, Hyperreplacement fabric, and Ethereum, it will be easily applicable to other technologies. “

The chain has been currently deployed on Microsoft’s Azure Cloud marketplace as a PaaS (Service Oriented Platform).

Hong Hyeong-Jin, the CEO of Samsung SDS said:

“We plan to expand the Cloud-based block-chain platform business by adding NexLeisure Universal to other cloud marketplaces”

Do you think Samsung will be able to lead the Blockchain space by building its own blockchain network? Please share your views with us. 

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.