Big Players for “One Pie”: Samsung and Facebook’s Big Move

Recently, Many major and top tiered corporates not only have a great interest in the blockchain and crypto industry but they also operate real projects with their own resources.

They have made their own blockchain test-net and try to run their native “Coin” in a very short time.

Graphic by Amy Kang

There are two big major players that we need to look into, Samsung and Facebook.

Firstly, Samsung, actually its own subsidiary company Samsung SDS is emerging rapidly ever since it has announced its brand new smartphone product called Galaxy S10. Galaxy S10 has grabbed so many eyes from all around the world even before its official launch, Becuase of its bold movement towards Blockchain DApps.

https://www.theverge.com/2019/2/25/18233131/samsung-galaxy-s10-bitcoin-cryptocurrency-wallet-features

Cryptowallet, Coin Duck and Cosmetic DApp, Cosme will be initially installed in Galaxy S10 and the team is now looking for more DApps to install.

Samsung has been interested in blockchain, especially enterprise platforms since 2017 and discussing the partnership the most famous enterprise blockchain project Hyperledger Fabric.

Their first blockchain project was born in April 2017 backed by Hyperledger, named Nexledger.

https://www.samsungsds.com/global/en/solutions/off/nexledger/Nexledger.html

They have the very first announcement at the MONEY 20/20 conference in July of the same year.

The technology of Digital Stamping was applied in Samsung internal affiliates such as Samsung Card to reduce the risk of data leakage, and about 35% of the total cost has been saved in new customer acquisition costs.

Since Samsung has stepped in the industry, it has been concentrating on one, enterprise platform.

In April, Samsung SDS announced the “NexLedger Universal”, a new enterprise version of NexLedger.

https://www.samsungsds.com/global/en/about/news/Samsung-SDS-launches-Nexledger-Universal-the-next-version-of-enterprise-blockchain-platform.html

NexLedger Universal provides the standard API to enable and use the NCA (Nexledger Consensus Algorithm) on Hyperledger Fabric or Ethereum, which has been widely used as an existing enterprise platform and Universal version was upgraded to save TPS processing time and resources for developers.

What is the ultimate goal of Nexledger and Samsung?It is “Payment”.

Crypto Payment is the “Holy grail” that many other blockchain projects and companies want to achieve as well as building DEX.

Several days ago, at the end of April, Samsung SDS build their own blockchain and tested their own native coin called “Samsung Coin” secretly.

Samsung Coin?

According to the CCN, their bold movement towards crypto and crypto wallet makes sense that why Samsung wants to integrate crypto wallet to its flagship product.

And these steps will eventually lead them to Crypto Payment.

Another major global IT giant, Facebook has announced that it will step into blockchain business and also enter the payment business.

About 2.7billion people around the world have been using Facebook as one of SNS platforms currently, its userbase is surprisingly solid and promising. We cannot easily imagine how Facebook’s user base will affect the blockchain and crypto market.

https://www.wsj.com/articles/facebook-gets-a-new-look-less-blue-more-groups-11556645587

On May 3, On May 3, the Wall Street Journal (WSJ) first reported that Facebook was attempting to build its own coin and cryptocurrency-based payment system.

Facebook mentioned that they will provide payment service to users by using “Facebook Coin” and also those advertisement providers and clients are also available to buy and sell their ads via Facebook Coin.

Google

They called this project as “Project Libra”, this is worth USD 1billion.

It has already been planned and prepared for more than a year and has been under discussion with credit card companies such as Visa and Master Card and also with Big Data and E-Commerce companies as well.

This project will provide us not only a mobile payment service but also a payment system with a zero fee, so many existing payment providers such as Union Pay, VISA, and AMEX can be threatened by Facebook.

Still, it seems that they need a lot of support from our companies.

Those key players from USA and Korea are moving forward very aggressively. Then, what about China?

When eBay was the one who dominated the e-commerce industry at that moment, Taobao of China popped out and rule the industry against eBay. The same situation happened when Uber, Paypal came out, Didi Chuxing, so-called Chinese Uber now become the one who rules and leads the sharing economy. Alipay and WeChat Pay cannot be replaced by any service in the China market.

So, who will shake the Chinese market in the crypto payment industry?

If the project Libra succeeds and progresses as expected, Facebook, which has apparently failed to inroad to the Chinese market, will recoup the loss from the Chinese market industry and be the pioneer.

Now, Alipay, who is very close to the Chinese government, has not been able to develop blockchain and crypto technology on a large scale due to the government regulation even though it has more than 180 patents on blockchain technology.

Then what about WeChat? Or will Tencent be the one?

Anyone will soon be in the Chinese market like Taobao and DIdi Chuxing did.

And when these 1.2 billion users enter blockchain industry with those major top-tiered companies, I am sure that the “spring” of the crypto market will come.

Big Players for “One Pie”: Samsung and Facebook’s Big Move was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.