Samsung announced in May that it will take the blockchain technology initially installed in Galaxy 10 for all the devices line. The company will make available its cryptocurrency digital wallet app, the Samsung Blockchain Wallet. Therefore, the technology should be used even in low-cost smartphones models. In doing so, the company enables a greater expansion of the product.
“We will reduce the barriers to new experiences. In this way, we’ll be gradually expanding the number of Galaxy models that allow blockchain functions “, said the Director of product strategy at Samsung, Chae Won-cheol.
The Executive pointed out that the company’s plans are to expand the initiative in the United States and in Canada, soon after South Korea. Samsung also plans to cooperate with other companies for the development of blockchain-based identification systems using local currencies.
Investments going beyond Samsung Blockchain Wallet
Samsung Blockchain Wallet is currently only available for the top-of-the-line Samsung model, the Galaxy S10. The mobile phone also comes with blockchain features such as digital signature and decentralized applications (dapps), which can be added to all Galaxy line devices.
Recently, Samsung has been investing heavily in the crypto market. After the launch of the blockchain to the Galaxy S10 devices, the company started developing its own network, based on the Ethereum. The company also intends to issue a token in the near future. The currency would be called the “Samsung Coin”.
Besides, Samsung is planning to add the blockchain technology to its corporate IT package solutions. The giant in the technology area has also recently invested about US$ 3 million on Ledger, a wallet crypto startup.