Samsung, the largest smartphone manufacturer in the world by market share, announced that its new Galaxy S10 smartphone will include a feature for securely storing cryptocurrency private keys through its “blockchain-enabled” mobile services.
Built-In Storage for Private Keys
The latest flagship smartphone to come out of Samsung has caused quite the stir in the crypto community. Social media came alive once the company announced that its new phone would come with dedicated “secure storage” designed for cryptocurrency private keys.
The company announced the launch of the new phone in a Feb. 21st press release, where it detailed the phone’s new features and upgrades. The new Galaxy S10 will feature an upgraded camera system with “advanced intelligence,” 8GB of RAM and 256GB of storage, as well as the ability to wirelessly charge other phones.
However, the feature that generated the most buzz is Samsung’s proprietary defense platform, Samsung Knox. According to the press release, the platform will enable the new smartphone to have secure private key storage specifically made for blockchain-enabled mobile services.
However, the company did not provide any further details about its highly anticipated Knox platform. As the Galaxy S10 is yet to hit the market, other uses for this solution are still unknown.
Blockchain Key Storage Could be the Road to Mass Adoption?
Rumors about the possible new features of Samsung’s Galaxy S10 began circulating months before the phone’s official launch. Back in December 2018, community website SamMobile was among the first to suggest that the new S10 could come with crypto friendly features.
The website said that Samsung’s cryptocurrency service will have a cold wallet for saving coins and public and private cryptocurrency keys. There is also speculation that Samsung will include a crypto wallet where users can transfer funds and review transaction history.
The rumors began once it was discovered that Samsung filed several patents around blockchain. At the time, the company declined to comment and called the information “rumor and speculation,” but it seems that the predictions came true.
And while Samsung will not be the first company to put a smartphone with support for cryptocurrencies on the market, it’s also not facing much competition. HTC’s Exodus 1 and Sirin Labs’ Finney are currently available, but both have experienced limited sales.
The Exodus 1 can only be bought with cryptocurrencies, which significantly limits its reach to the average consumer. Meanwhile, Sirin Labs’ cryptocurrency-enabled phone can be bought with fiat, but the company’s reputation for having “low-quality hardware” limits its reach.
Samsung’s support for cryptocurrency indicates that wider recognition of the technology is occurring and considering the size and reach of the giant, it’s quite possible that it will further spur adoption of the technology.Posted In: Korea, Adoption, Technology