LG Developing Blockchain Phone According to Industry Sources

South Korean tech giant LG is said to be working with blockchain developers to launch blockchain-based smartphones in response to Samsung’s recently unveiled Klaytn Phone, according to sources within the industry.

LG Blockchain Phone

According to media outlet IT Chosun, the tech giant plans to expand the next generation of its smartphones to introduce blockchain-friendly smartphones, making it the second major South Korean phone manufacturer to make a move in that direction. An industry insider said LG had already gone through market research of blockchain firms as well as held discussions with local decentralized application (DApp) developers, devising a use case for its future product.

The industry insider noted that “LG is likely to respond to Samsung’s innovation initiative.” Another source familiar with the LG Group told the media outlet that the company has been “struggling to apply blockchain to smartphones without any dissimilarity.”

The news follows just as last week LG’s rival Samsung launched yet another blockchain-friendly smartphone, dubbed KlaytnPhone, as a Galaxy Note 10 variant. The device will come with a wallet and a free handout of KLAY, the token developed by Kakao off-shoot, GroundX.

Currently the smartphone is available only in South Korea and is named after Kakao’s blockchain subsidiary GroundX’s blockchain platform Klaytn.

Rivalry with Samsung

Earlier this year, Samsung also launched the Galaxy S10 smartphone, which provides users with a cryptocurrency wallet and dApps, and has been adding a number of decentralized apps (or dapps) to its official DApp store, Blockchain Keystore.

The media outlet further quoted an anonymous source as saying that Samsung is a more attractive proposition for blockchain developers as the company already has a crypto wallet for smartphones and a dapps marketplace, whereas LG does not support blockchain technology yet.

However another unnamed source pointed out that LG has joined Klaytn Governance Council, an alliance of multinational businesses and organizations, responsible for Klaytn’s governance, consensus node operation, and ecosystem growth, in June this year.

Although no definite details about LG’s future smartphone have been disclosed, this move marks promising new waves of blockchain- friendly smartphones as well as encourages more adoption for the industry.

LG Exploring Blockchain

Other blockchain – friendly smartphones that are currently available in the market include Sirin Labs’ FINNEY and HTC’s EXODUS. Last year, Pundi X unveiled its blockchain phone XPhone, which allows users to switch between a traditional mode supporting Android apps and a blockchain mode which will enable them to access dapps loaded on the device.

Meanwhile, LG has been exploring a range of blockchain-related business avenues. For instance, the company has launched its own Monachain blockchain platform, and is working with major bank KB on a token of some form – thought by many to be a cryptocurrency or a stablecoin.

Most recently, LG filed a trademark application for ThinQWallet in the U.S. aiming to provide a number of services such as issuance of cyber money, a computer software platform for blockchain, and mobile electronic wallet for cryptocurrency.