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According to a report by the Business Korea Weekly on Tuesday (14/5), Samsung Electronics plans to build blockchain and cryptocurrency functions on budget Galaxy phones.

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Samsung Electronics plans to extend the blockchain and cryptocurrency features that are loaded into the Galaxy S10 and other Galaxy models, such as medium and low-priced Galaxy phones.

The Korean technology giant also plans to work with telecommunications companies to develop blockchain-based mobile identification cards (digital identity) and local currency. SK Telecom and KT are currently leading the way in digital identity and local currency.

Samsung Electronics built a cryptocurrency wallet on the strategic smartphone Galaxy S10 released in March this year, which is expected to help expand the blockchain market. The company's latest initiatives are expected to further promote blockchain technology.

Chae Won-cheol, senior managing director of the product strategy team at Samsung Electronics' Wireless Business Unit, said in an article published:

“We will reduce barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functionality, and we will expand our service target countries after Korea, the US, and Canada.”

The Samsung Electronics Press Room was held on May 13. Earlier, Samsung Electronics loaded the “Samsung Blockchain Key Store” for the strategic smartphone Galaxy S10, which can securely store the private key to the blockchain-based service. The “Samsung Blockchain Wallet” is supported by cryptocurrency. Payment and remittance.

Samsung Electronics plans to further enhance the security and convenience of blockchain-based. Chae said,

“We will work with telecom operators to develop blockchain-based identification and local currency technology.”

SK Telecom and KT are currently creating business opportunities based on blockchain ID cards and local currency.

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