Samsung to Enter Blockchain Industry
The cryptocurrency market, over the last year, has attracted many big names to jump on to the cryptocurrency bandwagon. The most recent company to jump on is Samsung.
The company has filed two trademark application for including Blockchain and cryptocurrency functionalities in their upcoming phones. The applications have been filed with the European Union as of last week.
At the European Union three trademark applications have been filed by Samsung for their latest phones.
The Cold Storage Application
Word in the community has it that the Samsung Galaxy S10 will have the first cryptocurrency functionality. In fact this functionality will be launched alongside the phone itself.
Samsung is yet to make a proper announcement, however it is said to be launching a wallet storage application with two parts.
A cold wallet for storage purposes and a hot wallet for transfers and trades. All information relating to the transactions and accounts will be stored on the Samsung Blockchain and will not be solely owned by Samsung.
The application is said to allow transfer from third party application to itself and more. The wallet uses normal and standard authentication processes for the wallet.
For security, the Samsung wallet is said to have the usual private keys for transaction and also have in device security in the form of PIN and fingerprint. This is another hint that Samsung may be discontinuing its iris scanning feature.
Samsung is also said to be incorporating the 12 recovery word method for account and wallet recovery.
As of now, the wallet is said to be supporting the top ten cryptocurrencies in the market; Bitcoin, Ethereum and also all ERC20 tokens.
Second To Enter
Samsung is not the first mobile technologies company to enter the cryptocurrency market and Blockchain industry. The first company to enter is HTC with Exodus 1.
HTC launched a phone that can only be bought with Bitcoin, becoming one of the first companies to accept cryptocurrency payments in return for technology services.
All eyes on Samsung now as they gear up for the S10 launch. It will be the first of their flagship galaxy club to have cryptocurrency functionalities and wallet/trade capabilities.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.