South Korean electronics maker LG is gearing up to compete with Samsung and HTC by launching a blockchain-enabled smartphone.
Citing an industry source, South Korean news outlet IT Chosun on Sunday reported that the Seoul-headquartered company has already completed market research of blockchain companies and decentralized applications (DApps).
Although the report did not specify any dates for the launch, it said the tech company was ready to launch the blockchain-based smart “soon.”
“LG is likely to respond to Samsung’s innovation initiative,” an official of LG Electronics told the publication.
The source also detailed that the South Korean company initiated its blockchain development when it’s arch-rival in both local and global market, Samsung, launched Keystore for its blockchain phones earlier this year. The company is also in talks with several South Korean blockchain-based application developers for their support on its upcoming smartphone.
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In July, LG filed a trademark application in South Korea and the United States for an electronic wallet that can store digital currencies.
However, the company’s attempts to bring the decade-old technology to mobile phones is facing a few roadblocks.
“LG has been struggling to apply blockchain to smartphones without any dissimilarity,” the official added. “I think Samsung is trying to prepare differently in the blockchain field just as LG responded with a dual screen when Samsung Galaxy came out with a foldable phone.”
Decentralizing the smartphone ecosystem
While LG is still working on releasing its first blockchain-enabled phone, Samsung is continuously making attempts to bring the decentralized solutions to its phone users. The company recently partnered with Kakao’s blockchain subsidiary Ground X to bring the blockchain version of its recently launched Galaxy Note 10 lineup, called KlaytnPhone, to market.
Meanwhile, Singapore-based Huobi recently announced its shift towards the hardware space by launching a blockchain-based mobile phone in partnership with Whole Network.