Blockchain News

Electronic giant Samsung develops its own blockchain network

Samsung which is a South Korean electronics giant company is planning to start its very own blockchain technology system. It is even looking to undertake its individual token by itself.

As per a company’s spokesperson, the firm’s blockchain undertaking power is a part of its wireless dissection. It is creating a blockchains important technical foundation that will completely depend on the ethereum. The work is though not yet started and is currently at the investigational phase.

As per the company sources:

“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.”

Incase the firm in the future spreads an open blockchain, then Samsung Coin could be operated flexibly on crypto exchanges similar to ether (ETH) as well as bitcoin (BTC). This Electronics giant Samsung can even get blockchain tech to the expenses application known as Samsung Pay, however, as per the source, this new move is still not confirmed. According to the report, for the past few years Samsung’s blockchain assignment potency has remained in active growth, presently, it is functioning on many developments. The company has stated that in the coming future it is planning to grow its service to many devices and crypto.

The New Galaxy S10

In the month of February 2019, the corporation made a jump in the blockchain space along with an introduction of its the Galaxy S10 a leading cellphone, this new cellphone has loaded features where it can stock crypto pvt solutions and additional features like maintenance digital signatures based on blockchain. The Galaxy S10 even ropes decentralized apps (dapps) like cryptocurrency gaming policy Enjin, cryptocurrency breakables platform CryptoKitties, beauty community Cosmee as well as CoinDuck a merchant payments service. As per a recent report, the Samsung Blockchain Wallet is presently well-matched with ether (ETH) but in spite of the logo looking on the presentation images, it is still not supported for bitcoin. Galaxy S10 device new blockchain lesson has been introduced the application of blockchain tech in many zones such as finance, insurance, businesses etc this means that Samsung is discovering numerous apps of the cryptocurrency and blockchain.

Safety Of Cryptocurrency Wallet On Samsung Galaxy S10 Remains High Class:

Samsung has combined a technology named as PUF in the Exynos 9820 chip. PUF is specifically used to store and secure encryption or private keys and is not used in smartphones and PCs. However, it is capable of removing the chances of robbery whenever there is a security breach. In the U.S and other parts of the world, Galaxy S10 are told to feature Snapdragon 855 a new system that employs a technology known as Trusted Implementation Environment (TEE) that splits the essential functioning classification from a important storage where complex information is placed. Besides Samsung, many Asian companies are capitalizing in blockchain tech. for instance, HTC has introduced a blockchain supported smartphone named as Exodus that could safely keep users cryptocurrency and run various blockchain applications.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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