Jay Y. Lee, the Vice Chairman of South Korean electronics giant Samsung, has stated that the corporation will collaborate with platform companies on further blockchain development and invest in startups involved in sixth-generation mobile networks and system semiconductors.
As reported by Bloomberg, Samsung is currently facing a rapidly changing global business environment, which has already put pressure on the company’s profit, resulted in new challenges and brought new objectives. Last week, together with other Samsung executives, Jay Y. Lee discussed potential partnerships with platform companies on 6G mobile networks, blockchain technologies, and artificial intelligence. Jay Y.Lee stated:
“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements.”
Besides, Samsung executives discussed the company’s plans for its chip business and considered risks posed by structural changes in the technology industry. Among the other issues faced by the tech giant are ongoing trade tensions between the U.S. and China as well as bans on rival Huawei that make supply chains much more complicated for manufacturers.
Currently, Samsung and its major competitors Apple Inc. and Huawei Technologies Co. are seeking to commercialize services based on 5G networks that launched in South Korea in April.
Strengthening Ties Between Samsung and Blockchain
In February this year, Samsung presented its flagship smartphone Galaxy S10 that is able to store cryptocurrency private keys and supports blockchain-based digital signatures as well as decentralized apps. The company has also announced “Samsung Knox” – a key store for blockchain-powered applications. In March 2019, they developed Samsung Blockchain Wallet backed in Galaxy S10.
In April, Samsung announced working on the development of its own blockchain network based on Ethereum. Moreover, there were rumors about the issuance of Samsung’s own coin. If launched, the crypto token is likely to find application among the products and services offered by Samsung.
In May, the tech giant announced its plans to integrate blockchain and cryptocurrency functions into its budget Galaxy models.
At that time, Chae Won-cheol, the senior managing director of the Product Strategy Team at the Wireless Business Division of Samsung Electronics, said:
“We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions.”
This development may also bring sufficient competitive advantages in Samsung’s race with Apple, Huawei, Oppo, and Xiaomi.
Samsung’s new Galaxy models are created with premium hardware and machine-learning-based software and are believed to establish new standards for the mobile industry. This initiative has been approved by the public and is believed to make the distance between the distributed ledger technology and usual customers not familiar with blockchain closer.