Samsung, a South Korean multinational conglomerate company and the country’s largest electronics manufacturer, has asked the CEOs of Samsung Group subsidiaries to attend a discussion led by Roh Sang Kyu of Seoul National University to understand and evaluate the impact of blockchain technology in today’s technology and financial industries
Mainstream South Korean media outlets claimed that Samsung may reportedly utilize the blockchain technology to handle important operations of the company. Some news networks reported that a permissioned blockchain could be integrated by as early as October, to settle financial operations of the company with greater transparency and improved security measures.
According to the Korean Times however, a Samsung Group spokesman denied the report and explained that Samsung doesn’t plan to integrate the blockchain by the end of October. Some of Samsung Group’s subsidiaries may attempt to implement the blockchain technology into their existing IT systems but the spokesman emphasized that they are projects handled by the CEOs of the Samsung Group’s subsidiaries, not the conglomerate itself.
Although Samsung has denied many of the reports that surfaced in Korean media networks, some of its largest company branches including Samsung SDS have already invested in blockchain-focused companies to fully understand the underlying concepts and potential of the blockchain technology.
Considering the investment of Samsung SDS in blockchain-based development platform Blocko, and the conglomerate’s request to the CEOs of Samsung Group subsidiaries, it is fairly evident that the multi-billion dollar company is looking to integrate the blockchain into one of its core operations or businesses.
Experts presume that Samsung’s financial platforms and startups may integrate the blockchain technology first, to lower the costs for both the company and its users. For instance, by integrating the blockchain technology into Samsung Pay, the company will be able to handle and process payments without the presence of employees in a decentralized manner. The elimination of physical labor will ultimately reduce the transaction fees users are required to pay.
While it is difficult to speculate whether Samsung will establish a road map for official blockchain implementation, the South Korean conglomerate is definitely showing increasing interest in the technology.
Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He’s worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines. Joseph will be covering new technologies, startups, technical analysis and breaking news in the bitcoin industry.