Samsung’s blockchain-based phone


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Blockchain revolution has allowed hundreds of tech companies to revive their business strategies through implementing smart tech solutions to the products they offer. IBM, MasterCard and many more are just a few of the hundreds of giant tech firm that have recently applied for different blockchain-related patents.

The latest company to apply for three blockchain trademarks is Samsung. The company is one of the largest tech firms in the world, having garnished substantial market shares in mobile phones, TV sets, and even home appliances.

The three trademarks relate to offer cryptocurrency custody services on mobile phones. If successful in this endeavour, Samsung will be creating a digital coin cold wallet on its users’ mobile phones.The application is within European Union jurisdiction and has occurred on the 10th of December, 2018.

The name of the patents is Blockchain KeyStore, Blockchain Key Box and Blockchain Core. While the crypto wallet is a first step in Samsung’s future “crypto strategy”, the company will be facing some strong competition coming from firms such as HTC, for example. HTC new Exodus phone will offer cryptocurrency custody services.

The interesting point is that security can be increased through a “blockchain-enabled” mobile device. As reported by CryptoDaily, mobile phones have some competitive advantage when it comes to protecting the crypto wallet private key because mobile phones possess “TEE (Trusted Execution Environment), which isolates execution from internal memory.”

 

 

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Samsung's blockchain-based phone

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