LG, the electronics giant from South Korea, is working hard to remain competitive and the latest move of the company was to imitate its competitor Samsung and launch its own blockchain phone, local sources told the Chosun media outlet.
According to the local news site, an insider from LG affirmed that the Korean company would respond to Samsung by launching their own phone soon. However, LG is also reported to be hitting roadblocks on the way, as the process is considerably less easy than it looks.
Klaytn Phone, the product launched by Samsung, stole the spotlight recently and will come out with wallet created by Kakao’s subsidiary GroundX. The phone is a Galaxy Note 10 variant that costs $1,000 USD and was specifically created for the local markets.
Before the launch, Samsung had already dipped its toes in the market by launching the Galaxy S10, which had some crypto options such as wallets but was not a fully developed blockchain phone yet. The phone could also download some decentralized applications (dapps), too.
This could, according to the experts, open up the “blockchain smartphone floodgates”. Several companies are bound to imitate the move and this may popularize this market, which is still pretty niche.
Another important doubt in the heads of the investors right now is whether the launch will be only local or global. The Klaytn Phone will be only launched locally at first, as it is an expensive and complex product and it does not seem that LG believes that it is ready for the global market right now.