Might we soon be looking at the Samsung Coin?
Maybe, reports CoinDesk Korea (link in Korean). Citing a figure familiar with the inner workings of Samsung Electronics, the blockchain task force operating as part of the company’s wireless division is developing a blockchain main net. They’ve already tested several platforms, too.
The source said the main net Samsung is developing is based on Ethereum — the Galaxy S10’s cryptocurrency wallet supports Ethereum and ERC-20-based tokens.
Interestingly enough, the source says that Samsung hasn’t actually decided what it wants to develop its blockchain for, though at least initially, the company appears to be thinking enterprise blockchain or a hybrid public-private chain. A public blockchain would require the company to issue its own cryptocurrency, something the Korean government would look askance at. While two other major Korean companies – Naver and Kakao – have issues cryptocurrencies through their main nets, they did so through Japanese subsidiaries.
For better or worse, as Samsung goes, so does Korea. Accordingly, the electronic giant’s enthusiastic embrace of blockchain technology could be a boon to mass adoption, at least within the borders of the Republic of Korea. Or as Christopher Williams put it at DApp Life, “With the support of Samsung and other tech firms, South Korea may well be the country to spark mainstream adoption of dApps.”
Still, with many local startups suffering liquidity problems in the aftermath of last year’s crypto crash, you have to wonder if the blockchain industry’s shift from small venture companies to Korea’s giant conglomerates (link in Korean) might leave little room for the little guy, especially given the conglomerates’ reputation for crowding out smaller businesses. It will be interesting to see whether Korea’s big companies and small startups find a way to coexist and co-flourish in the blockchain space.
Also in the Korean blockchain space…
- A Closer Look at North Korea’s Virtual Currency Ambitions
(By Tae-jun Kang, The Diplomat)
- Politician: ‘Crypto vs Blockchain Debate Is Wasteful’; LG Crypto Moves
(By Tim Alper, CryptoNews)
- Hyundai division is developing a blockchain platform to track history of used cars
- Blockchain pushes banks to evolve
(By Lee Kyung-min, Korea Times)
- Korea Exchange Bank and Korea University Address Shortage in Blockchain Talent
(By Akshay Makadiya, Bitsonline)