According to some filed reports in South Korea, someone appears to be attempting to capitalize on the distinct lack of solid trademark in place for virtual currencies. Specifically, we’re seeing this with someone looking to nab the trademark for ‘Samsung Coin’ right underneath the nose of Samsung, especially with its new turn towards blockchain technology.
The files themselves come from the trademarking office known as the Korean Intellectual Property Office (KIPO), on account of an application that was received by the office last week, after the individual known as Kim Nam-Jin, who submitted an application to register the trademark both in English and Korean back on July 10th.
According to KIPO, the filing itself was made under sub-sections that are directly associated with computer programs. These include categories like ‘“downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”
When the Samsung team was contacted by members of the press, a dedicated representative informed the teams that the company wasn’t responsible for any submitted applications for a trademark.
“We don’t work this way,” the spokesman further added.
One of the outlying issues with this trademark application is the fact that it simply does not state whether or not the application is directly related to blockchain technology or cryptocurrencies. What the filing does show, however, is that Samsung is in fact working on its own dedicated blockchain solution through the use of Ethereum.
We’ve seen elements of this with its past collaboration with the likes of Enjin as just one example. What this may show is that it has the potential to issues its own native cryptocurrency, likely called ‘Samsung Coin.’
One of the possible clues that we have as to their own motivation for this filing, this same individual had previously attempted to submit applications for trademarks directly related to cryptocurrencies, especially where they are made by other major technology companies.
We have seen this with further reports from the KIPO database which has since shown that Kim Nam-Jin also submitted an application at the same time as his Samsung Coin application, this time for the trademark for ‘ThinQ Wallet.’
However, back in July 2nd, LG Electronics, which is also based in South Korea, submitted its own trademark applications for the ‘ThinQ Wallet’ both in South Korea and in the United States. Having been based on the LG application’s details in the US and South Korea, the ThinQ Wallet would also provide a wide array of mobile services which also include
“software platform for blockchain” and “mobile electronic wallet for cryptocurrency.”
The application was initially reported by a range of news sources that incorrectly correlated the filings to the Samsung initially covered the ‘Samsung Coin’ team a couple of weeks ago.