Samsung is developing its own blockchain and plans to release a coin

South Korean giant Samsung is developing its own blockchain based on Ethereum and plans to release a coin in the future.

According to CoinDesk Korea, citing a person "familiar with the internal state of affairs at Samsung," the company's target group for the blockchain creates a network based on Ethereum. The work, however, is still at the "inner experimental" stage. 

"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,"

said a source, which CoinDesk Korea called official.

According to the publication, when Samsung completes the development of the blockchain, the company can also launch the release of the Samsung Coin.  

"The market expects Samsung Coin to come out, but the direction has not yet been decided," 

said an anonymous company representative.

If in the future the company develops an open blockchain, then Samsung coin will probably be publicly traded on cryptocurrency exchanges. Samsung may also introduce the blockchain into its Samsung Pay payment application, but, according to the source, this decision has not yet been made.

In March, the president of the Samsung SDS subsidiary announced that the blockchain could improve the efficiency of supply chains. In February, it became known that the Samsung Galaxy S10 smartphone will support BTC, ETH, COSM and ENJ. At the same time, in December, Samsung submitted an application for registration of a trademark for a cryptocurrency wallet and announced that it intends to enter the blockchain-smartphones market. 

SOURCE