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Samsung, which part of the blockchain are they focusing on?
Samsung Electronics has selected blockchain as its future technology; however, the recent decision made shows that it is focusing more on the service and application of blockchain rather than a blockchain platform.
It's been almost two years since South Korea's Samsung Electronics first showed interest in the blockchain technology. At the beginning of 2018, Samsung formed a blockchain research task force and as of April 2019 started the development of its MainNet and Samsung Coin. In addition, there was another task force in Samsung's wireless business division that also worked on blockchain development.
Days went by and now, the TF working on the MainNet was redeployed to the AI and Security division. According to the anonymous inside source, this redeployment was due to the 'poor business performance'. The source also mentioned that their research on blockchain will continue even in the new divisions; however, the MainNet development and its coin will not.
Samsung's Movements towards the Blockchain
For the TF in the Samsung wireless business division, the case is different. This TF created the “Samsung Blockchain Keystore”, the blockchain-based mobile service to securely store private keys using Samsung’s Knox. This technology was introduced to the market in October last year with the launch of a new Galaxy smartphone. Eventually, Samsung Electronics announced recently to make this TF official and launched the Blockchain Development Group.
Along with the promotion of the TF, Samsung Electronics, in collaboration with SK Telecom, launched the first 5G smartphone “Galaxy A Quantum” which enhanced its security using DID (Decentralized Identification) and quantum technology.
Also, most of the Galaxy smartphones that were released after the end of last year are loaded with “Samsung Blockchain Keystore” and “Samsung Blockchain Wallet” where you can find many DApps (Blockchain-based Decentralized Application). “Samsung Pay”, “Samsung Health”, “Samsung Pass” are expected to embed blockchain technology in the near future as well.
Moreover, Samsung Electronics recently decided to pre-install Theta.tv, a blockchain-based esports streaming platform, into all Galaxy S20s and some of its premium phones.
Samsung Electronics clearly understands that people are more open to blockchain and cryptocurrency. Many governments are trying out digital currencies and various industries have already adopted blockchain technology to boost efficiency and transparency.
Will This Have Any Effect on the Price of Bitcoin and Other Cryptocurrencies?
There will likely be some movements along the way since more corporations that provide products and services that have already deeply penetrated into our lives will begin to take the same path. And you should be ready for it.
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