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LG Working on a Blockchain Phone to Compete with Samsung

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A blockchain phone is not something many would have thought of even a few years ago. Even around three years ago when the remarkable cryptocurrency bull run had just started off, it was still looked upon as a novelty, and not many had a lot of ideas about what it could eventually become. At the time it was unthinkable that a really strong ecosystem was going to grow that could make cryptocurrency ownership and trading far easier for people.

Blockchain Phone Market Heats Up

That being said, it has actually come to pass that the crypto ecosystem is getting stronger with every passing month. Last week, the Korean electronics giant Samsung announced that it is going to come up with its own crypto supporting phone.

However, its fierce competitor and fellow Korean electronics giant, LG, was not going to be left behind. It has now emerged in the South Korean press that LG is currently in discussions with DApp, a blockchain application developer and is keen to introduce its own brand of blockchain phone. It is a step that LG had to take in order to ensure that it does not fall behind Samsung, which is all set to include blockchain capabilities in the Galaxy Note 10 model that is going to be launched soon.

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This is an entirely new development in the world of smartphones and one that could well open the floodgates for other companies to follow suit. The Samsung blockchain phone is going to be equipped with its own crypto wallet, and that is an interesting feature, considering the fact that many crypto investors do not like to hold their tokens on exchanges.

Samsung is going to launch this particular phone in the South Korean market initially and then it will go from there. LG’s plans with regards to the matter are currently unknown, and the reports did not indicate whether it is going to launch a blockchain phone at a global level.

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Crypto Phone to be Launched by Samsung

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Around a year ago, the notion of a crypto phone would have seemed like something out of a futuristic blog post, but it seems that this is no longer the case. If there is one thing that cannot be denied with regards to cryptocurrencies is that they are here to stay, and the world is now sitting up and taking notice.

Last year, banking giant JP Morgan (NYSE:JPM) issued its own cryptocurrency, and more and more giant corporations are now getting into the market in a big way. In a new development, it has emerged that South Korean electronics behemoth Samsung (OTC:SSNLF) has decided to not only issue its own cryptocurrency but has also developed a phone that is going to support a crypto wallet.

Key Details About Samsung’s New Galaxy Note 10 Smartphone

The latest development from Samsung was reported by one of the leading financial papers in the world. According to sources inside the company, Samsung’s new Galaxy Note 10 smartphone is going to be equipped with a cryptocurrency wallet. However, that’s not all. The company is also going to give away its own cryptocurrency for free in those wallets. The name of the crypto phone is part of the Klaytn edition, and the blockchain network is known as Kakao.

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This is a major step for Samsung, which has lagged behind the biggest smartphone brands in the world and could help the company in attracting millions of new customers who would want their cryptocurrencies in their phone wallet. That being said, it is important to note that the crypto phone is not going to go on sale worldwide straightaway. According to the company, the phone will be first sold in Samsung’s local market in South Korea. Samsung refused to comment on speculation but the news that the Korean electronics giant has been working on a crypto phone first surfaced back in March this year.

Featured image: DepositPhotos © Mactrunk

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