• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

A Subsidiary of South Korea’s Giant, Samsung, Joins the Enterprise Ethereum Alliance

22/05/2017 11:01
No comments

South Korea has suddenly become a player in this space, currently managing ethereum trading volumes of around $300 million, in comparison to GDAX’s $90 million, with many speculating what’s driving this interest.

It may well be Samsung, a giant global brand with around $300 billion yearly revenue and second only to Apple. With some seeing them as a driving force behind South Korea’s economy, contributing some 17% to the country’s GDP.

Samsung Data Systems (SDS), one of the many subsidiaries of Samsung focusing on consulting and research which has begun investing in smart cities and other new innovative tech, has now joined the Enterprise Ethereum Alliance. Kwang Woo Song, Vice President – Distributed Ledger Technology Business Group, Samsung SDS, stated:

“Ethereum is one of the fastest growing blockchain technologies, with potential to provide exceptional benefit to enterprises. We look forward to active collaboration with the members of the alliance, and believe that there will be significant synergy opportunity to drive the adoption of blockchain in the enterprise space.”

Is Samsung thinking of using blockchain tech for gaming? – image source Samsung.

One area which blockchain tech could disrupt is gaming with talks that South Korea’s interest is driven mainly by their gaming and robotics industry. Samsung might be eyeing that area, as they sent out letters to their affiliates back in 2012 stating they were looking into the gaming “frontier.”

Moreover, Samsung announced in 2016 they were targeting the gaming industry with a new curved monitor which, they say, “are designed to match the natural shape of the human eye.”

With rumors flying out ethereum is being mentioned in gaming conferences, we might perhaps eventually get an actual announcement, but why would blockchain tech or smart contracts help in games?

According to FirstBlood, an ethereum based decentralized e-gaming platform with a current market cap of around $60 million, some of the reason for using ethereum’s blockchain technology are because:

“Smart contracts can be used for fast, secure and reliable processing of results and rewards from competitive eSports matchplays. Unlike existing platforms (which are both skill and game of chance-based), all of FirstBlood’s transactions are publicly verifiable, viewable, resistant to counterfeit, and not subject to the risk of institutional processing.”

Blockchain tech basically adds an inbuilt monetary aspect to games which is not walled off like current game tokens but can be easily moved in and out of the game. That could, for example, allow individuals to put up funds with the tournament winner being given it as a prize, on top of many other uses.

What uses Samsung has in mind, however, we do not yet quite know, but we are likely to find out in the coming months as the Enterprise Ethereum Alliance progresses further.

 

Related Posts

Ethereum's ratio against bitcoin, May 2022

Ethereum’s Ratio Falls 15%

Ethereum blockchain developers.

Ethereum Dominates Crypto Development Says Andreessen Horowitz

Bitcoin Miner Starts Buyback

Trustnodes Goes Web3

Load More
  • Trending
  • Comments
  • Latest
One of Luna's bitcoin wallet, May 2022

Luna Confirms They Sold All Bitcoin

Central Bankers Discuss Bitcoin in El Salvador, May 2022

44 Central Banks to Attend Bitcoin Gathering in El Salvador

Three Months US Treasury Bonds Rate, May 2022

Falling Bonds Back USDc

The Court of Justice

Crypto Developers Don’t Own Duty of Care Court Rules

Ethereum's ratio against bitcoin, May 2022

Ethereum’s Ratio Falls 15%

Ethereum blockchain developers.

Ethereum Dominates Crypto Development Says Andreessen Horowitz

DGHI's price, May 2022

Bitcoin Miner Starts Buyback

Trustnodes Web3 Login, May 2022

Trustnodes Goes Web3

Comments

Latest News

  • Ethereum’s Ratio Falls 15%
  • Ethereum Dominates Crypto Development Says Andreessen Horowitz
  • Bitcoin Miner Starts Buyback

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?