Samsung and HTC were the only prominent rivals concerning the production of blockchain smartphones. However, several sources allude that LG may launch its own blockchain product as well.
According to an interview between an industry leader and news platform Chosun on 8 September, LG already held several discussions with local decentralized application developers. According to industry sources, both sides have established a real use case for the new blockchain smartphone.
At the moment of writing, LG did not officially announce the release date of their future product. However, the source claims that the launch may happen ‘soon’.
The South Korean conglomerate previously sent a trademark request in both the US and their home country. According to the application, LG seeks to create a digital wallet for storing digital currencies.
The rumor of LG taking the initiative to enter the blockchain industry started only a week after media outlets reported that Samsung launched a new version of their Galaxy Note 10 blockchain smartphone in a partnership with South Korean Internet giant Kakao.
Named the KlaytnPhone, based on the name of the platform that Kakao’s blockchain subsidiary created, the device features a new preinstalled wallet that comes with a certain amount of KLAY tokens. Both the blockchain network and the token are created by Ground X, who is the blockchain arm of Kakao.
Samsung created a ‘domino effect’
In the article published by Chosun, a different official suggested that Samsung’s initiative may lead to a domino effect, pushing others to create their own blockchain phones. The turn of events would not be strange, given that technology giants tend to be extremely competitive.
The anonymous official added that Samsung may have a different approach to the blockchain industry. He noted the case of LG introducing a dual-screen phone, against which Samsung replied with a foldable phone.
While the KlaytnPhone is only available on the domestic South Korean market, it remains uncertain whether LG would release an international version of their blockchain friendly smartphone. Samsung’s brand-new version of the Galaxy Note 10 launched only in South Korea at the price of $1,000. Since Kakao only partnered with Samsung to increase the national adoption rate of blockchain technology in South Korea, it is unlikely that Samsung will offer a global version.
Analysts believe that the decision to enter the blockchain industry is a significant move. Electronics companies who will introduce new products can participate in an innovative sector where only the sky is the limit. As Samsung has already developed a cryptocurrency wallet and an ecosystem for dApps, some experts believe LG will need to offer more features on its blockchain smartphone to stay competitive.
As a reminder, LG has previously shown its support to new businesses in the blockchain industry. Additionally, the company introduced a blockchain subsidiary last year named LG CNS. The subsidiary launched Monachain, a blockchain platform that seeks to integrate supply chains, financial services, and management.
LG recently made a PR move in July introducing a project to allow parents verify quality standards of meals in school cafeterias. The decision was praised in the crypto community, as it showed the innovative quality of blockchain and showcased the real use case of this distributed ledger technology for managing food supply chains.
LG is not the only new competitor
Sirin Labs, a blockchain technology company founded in 2014, recently announced that their new ‘Finney’ product. The founders called it the ‘world’s first blockchain-focused smartphone’.
Coming from Huobi, the crypto exchange announced that it will enter the hardware production sector by releasing their blockchain smartphone. The exchange has partnered up with the Whole Network in order to create the product.