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Another major technology global player is investing in cryptocoins. According to an article published on the site CoinDesk, Samsung would be developing its own blockchain.

The information came from an insider at Samsung , whose identity was not revealed. Such source affirms the project is still in the pilot phase. The network that is being created by the company is based in Ethereum.

Moreover, according to the text, the company plans to issue its own token after the completion of the blockchain. The new currency will be named Samsung Coin.

Samsung’s network is in development for at least a year. According to the source, the initial idea is to keep it private, although that issue is not yet set. “It could also be that the blockchain is made public in the future, but I believe it will be hybrid, which means, a combination of public and private “.

If the company develops a public blockchain in the future, Samsung Coin may be publicly traded on cryptocurrency exchanges, just as Bitcoin and Ethereum. Samsung can also bring the blockchain technology to its payments´ app Samsung Pay, but this issue has not yet been determined, according to the source.

Global players and the blockchain

This is not the first market giant that is developing a blockchain. Several other companies are evaluating the technology. And some had already initiated important developments. Among those we can mention Amazon, Alphabet, Amex, Apple, as well as others.