April 24, 2019

BlogCoinz

Cryptocurrency and Technology

BREAKING: Samsung to work on Ethereum blockchain tech.

Reports are coming in that Samsung, the tech company behind the popular galaxy phone line, is creating their own blockchain as part of or based on the Ethereum blockchain network.

Right now it is unclear if they will issue a token or coin as part of the chain or how they plan to utilize the blockchain to their advantage but there are many possibilities. They could be adding Samsung pay to the blockchain which would create an open ledger token based payment system rather than using a credit card transaction with vendors and sites through their app making it a single point of failure (your wallet) rather than a global one. As it sits now transactions are secure but memory scraping credit card numbers and decryption credit cards is still a very real thing to worry about with any form of card payment, even digital. Implementing a blockchain middle man would make your card only visible behind Samsung systems rather than it being transmitted to a 3rd party (through POS system or credit card reader) and creating a paper trail of your card activity. So instead of your card showing a Walmart purchases you just see a payment to Samsung, Samsung creates the token and pays the vendor.

This example is only one use Samsung could have for their plans. With blockchain, especially one like ETH capable of DAPPS, anything is possible. This could just be a method for them to secure the phones as well. Make sure to comment on twitter and let us know what you think their use case for a blockchain is!