There was a time when Samsung used to be the biggest smartphone brand in the world, with a stranglehold over some of the most important smartphone markets. However, that is no longer the case, and the company’s smartphone sales have tanked dramatically over the past few years. For instance, at one point of time, it used to be the most popular brand in China, the world’s biggest smartphone market, but as of now, it only commands 1% of that huge market place.
Needless to say, the company is now trying to innovate in order to ensure that it can get back to where it used to be in the past, and one of the initiatives that Samsung is currently looking at is Blockchain technology. The company officially confirmed that it is now looking to manufacture more smartphones that are compatible with Blockchain technology and needless to say, it could prove to be an incredibly shrewd long term strategy. The South Korean company announced that it is going to make more smartphones that will be able to support ‘blockchain powered service’ and that is a major shift for a smartphone manufacturer that has often been accused of being too conservative.
However, it is also true that Blockchain technology is here to stay and in this regard, it is also important to keep in mind that it is not something that is solely related to cryptocurrencies. It is a revolutionary technology that is going to have a profound effect on a range of industries in the years to come, and before long, many services are going to be launched for mobile which will run with the help of that technology. In such a situation, it is not really surprising that Samsung has decided to get into the space in a big way. The chief of tech strategy at Samsung Mobile Chai Won-Cheol confirmed the company’s shift in strategy. He said,
Samsung will cooperate with telecom operators on projects involving blockchain technology identification and regional currencies.
However, the move into Blockchain technology is not particularly new for Samsung, since in the past, the company has successfully entered the market, and its cryptocurrency wallet has proven to be a well-known product so far. Beyond smartphones and devices, Samsung is also going to create its own Blockchain and has collaborated with Indian tech firm Mahindra to create the Samsung NexLedger. It remains to be seen what plans Samsung come up with regarding its expansion into Blockchain.