Is Samsung Interested in Blockchain Technology?

The major technology conglomerate, Samsung, may be shifting resources towards research and development of Blockchain-related solutions. 

According to media source The Korea Times, Samsung Group –the biggest technology conglomerate of South Korea– is looking to invest resources towards Blockchain solutions. Apparently, chief executives and high-level personnel of Samsung group attended a lecture on blockchain technology, by professor Roh Sang-kyu of Seoul National University.

Samsung has been investing significant resources towards Financial technology solutions, a consequent decision as the company released Samsung Pay a while ago. Samsung Pay is a smartphone application that enables users to link their credit, debit and gift cards to their cell phone. With a network of thousands of POS (point of sales) users are able to pay for services with their Samsung device.

Rumours that the Samsung Group was going to deploy a blockchain system sparked a while ago, however, a Samsung’s spokesman denied the reports, stating that “the lecture was aimed at informing group executives of the basic concepts of the technology.”

South Korea is one of the leading countries regarding technology innovation and adoption, as a result, several Financial technology initiatives are flourishing in the region.

Samsung SDS (a branch of the Samsung conglomerate) recently made into the crypto news headlines as it announced its decision to invest in Blocko, a local company providing a blockchain-based development platform for businesses. Blocko recently unveiled CoinStack, a Blockchain-as-a-Service platform of Blocko to build decentralised services on Blockchain.