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Korean Technology Giant Samsung Is Stepping Into The Crypto Industry

korean technology giant samsung is stepping into the crypto industry

The global technology company Samsung has previously shown a considerable interest in the cryptocurrency sector .  This may be accomplished by putting its technological ability to use in the cause of enhancing the ratio of bitcoin’s energy efficiency . To increase its existence in the crypto industry Samsung declared a partnership with the Bank of Korea.

Samsung Aims to Collaborate with the Bank of Korea for CBDC

For some central bank digital (CBDC) is a huge privacy risk. Despite this businesses continue to expand into the region . This is especially true of Samsung which is a tech company based in South Korea . On Monday, May 15th word got out that the corporation had formed an alliance specifically for this reason. Collaboration with the BOK to study cannabidiol (CBD) .

 The offline capabilities of the CBDC would apparently be the focus of the proposed partnership. In particular the CBDC issued by the Bank Of Korea will serve as the backbone of this endeavor .

Specifically they will be testing out the South Korean CBDC to see whether it’s compatible with Samsung mobile devices. The test will be made without using any internet based transactions. Instead it’s about exploring the potential of using Near Field Communication (NFC) in practical applications.

Near-Field Communication is a wireless communication technique with a small range. In particular it facilitates communication between two devices that share a same standard . Samsung’s research is geared on making NFC practical for monetary transactions .

korean technology giant samsung is stepping into the crypto industry 2

Samsung Aims to Work on CBDC Technology All Around the World

“Based on the cooperation between the two companies we hope to make a great contribution to the development of offline CBDC technology globally” said Won-Joon Choi, Vice President of Samsung Electronics .

It’s worth noting that the Bank of Korea (BOK) and Samsung have been working together for a while now but this only formalizes their relationship . In fact the latter had already been a part of the CBDC retail trade experimenting for 10 months .

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