Samsung's development is based on the ethereum blockchain and plans to introduce samsung tokens

According to Coindesk April 24reportsSouth Korean electronics giant Samsung is developing its own blockchain network with an eye toward issuing its own tokens in the future.

Citing a person "familiar with samsung's internal situation", the company's blockchain working group, part of its wireless division, is building an ethereum-based blockchain backbone network. However, the work is still in the "internal experimentation" stage.

"At the moment, we are looking at a private chain, although it has not been confirmed," the samsung insider said. "in the future, it may also become a public chain, but I think it will be a hybrid -- a combination of public and private chains." Samsung may also launch a "three-star coin" token when it completes the development of its own blockchain, the report said.

If samsung can develop a public blockchain in the future, it could be traded publicly on cryptocurrency exchanges like bitcoin and ether. Samsung may also introduce blockchain technology into its payments app, Samsung Pay, but the move has yet to be decided, the official said. Samsung's blockchain task force has been actively working on it for at least a year and is currently working on some projects, the report said.

Two months ago, the company moved into blockchain with the launch of its flagship Galaxy S10 phone. The Galaxy S10 has the ability to store cryptocurrency private keys, as well as other features such as support for blockchain-based digital signatures.

In march, Samsung officially unveiled its cryptocurrency wallet, which is compatible with the eth-based and ether-based ERC20 tokens. However, the wallet is not yet available in some jurisdictions, according to reports.

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