South Korean tech giant Samsung is reportedly developing its own blockchain network. It’s expected the venture will lead to a Samsung token in the near future.

Samsung Blockchain

According to an internal source “familiar with Samsung’s internal situation,” the company’s wireless division is building a mainnet based on the Ethereum (available on Coinbase) blockchain.

Led by its blockchain task force, the new network is still at the “internal experimental” stage.

According to the source:

“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.”

Once the Samsung blockchain is up and running, the company is expected to launch a “Samsung Coin” token.

“The market expects Samsung Coin to come out, but the direction has not yet been decided.”

Public Blockchain

If the Samsung blockchain becomes a public blockchain, then the Samsung Coin could be traded on crypto exchanges just as regular cryptocurrencies are.

The technology may also be ADApted to work on its payments app Samsung Pay—a move that makes sense but isn’t yet certain.

Much remains unknown about the Samsung blockchain task force, but Samsung has been developing its technology for some time.