Just like numerous other technology companies, Samsung has done its fair share of researching the potential of blockchain technology and cryptocurrencies. So far, the South Korean giant has already implemented blockchain solutions at an enterprise level. The developments that we’re about to talk about have been covered while they were in rumor-phase right here. Since then, several aspects have changed.
For the first time, the company is oficially offering blockchain and crypto services to the public. A few days ago, Samsung announced its latest flagship device – the Galaxy S10. During the announcement, the company talked about how the new Samsung Knox feature will enable secure storage of private keys associated with cryptocurrency addresses.
This is certainly positive news for digital currency users thatplan to purchase the new smartphone. Following the announcement, rumoursconcerning a potential cryptocurrency wallet appeared. These rumours have nowbeen confirmed by several South Korean publications.
With this in mind, the Galaxy S10 device will reportedly feature acryptocurrency wallet that can store, send and receive Bitcoin, Ethereum andERC-20 tokens. This is big news for the industry, granted the growingpopularity of ERC-20 tokens, deployed on the Ethereum blockchain. ERC-20 tokensrepresent a standard that allows blockchain projects to use native tokens, onthe Ethereum chain.
Reports indicate that Samsung’s decision is based on their beliefthat blockchain technology doesn’t have to be limited to facilitating payments.Rather, the tech can be used in numerous other industries, including health,e-commerce, insurance, banking, advertising and more. Rumours indicate that the storage and wallet unit have beencreating as part of a partnership between Samsung and the Enjin wallet. Thishasn’t been confirmed by the manufacturer yet, since it has avoided shellingout more details about the new wallet.
Several sources have stated that there is a connection betweenSamsung Pay and the wallet app – we don’t want to jump to conclusions, but integrationbetween the two apps would likely provide an innovative payment solution,allowing users to use Samsung Pay’s contactless feature to pay directly viacryptocurrencies. Unfortunately, a feature like this is unlikely for the timebeing, yet Samsung’s involvement in the industry and the increasing popularityof digital currencies, might make this integration possible in the future.
Last but not least, the Galaxy S10 also supports decentralized apps. Integration with smartphones will surely pave the way for smarter, mobile-based Dapps. The trend of optimizing smartphones for the cryptocurrency and blockchain markets is only at its start. So far, we have a total of three devices that offer crypto-related solutions: The Galaxy S10, HTC EXODUS and the Finney Phone by Sirin Labs.
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