Samsung Wants to Collaborate with Other Companies on Blockchain, AI and Mobile Networks

  • The vice chairman of Samsung stated that the company is looking to increase blockchain development with other countries.
  • Budget-friendly smartphones and the Galaxy smartphones from Samsung will all allegedly have cryptocurrency and blockchain features.

Blockchain technology is one of the most innovative sectors of the industry right now, and its success is only further proven by seeing big companies decide to invest in it. According to a Bloomberg article on June 16th, the vice chairman of Samsung commented that their consumer electronics company is aiming to collaborate with other platform company to further develop the technology. A platform company occurs when a private equity firm acquires a company with the intention of acquiring others within a specific sector.

Jay Y. Lee, the vice chairman who also works as the de factor leader of the firm, spoke with the executives at Samsung to talk about potential collaborates, based on a company statement released to Bloomberg. The firm also aims to further the advancement of artificial intelligence and sixth-generation mobile networks.

According to Bloomberg, the decision to go after these technologies coincides with the changes that are happening to both business climate and structural changes in the tech industry. With this simultaneous change, there are major changes with various firms.

On this industry, Lee stated,

“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements.”

Last month, Samsung reportedly decided that their line of budget-friendly smartphones would start including blockchain tech and cryptocurrency features. The Samsung S10 already has implemented functions that use cryptocurrency and blockchain, hopefully implying that the same benefits would be adapted for other Galaxy smartphones. Anonymous sources stated in April 2019 that Samsung may be looking to launch their own token on a Samsung-based public-private blockchain.

Earlier this month, Cointelegraph published an analysis that discussed the trends of pursuing blockchain innovation within major South Korean companies, like Samsung, Naver, and NHN. However, the government in the country has held a strict and limiting stance on cryptocurrencies that are based in decentralization.

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