Samsung introduce Blockchain Technology. Samsung Blockchain Keystore.
In fact, the flagship device of the parent company Samsung Galaxy S10 allows you to store private keys of crypto-wallets. Recently, news appeared about the integration of some stablecoins and other cryptocurrencies, including Bitcoin (BTC), Ethereum and BNB Binance.
In addition, the Samsung blockchain will be integrated not only with the Samsung Galaxy S10, but also with the Galaxy S10e, S10 +, S10 5G, Note10 and Note10 +, although it is true only in some countries - Canada, Germany, South Korea, Spain, Switzerland, the USA and Great Britain.
Thus, the technology will be used not only in South Korea. Having withstood the recent boom of cryptocurrencies and numerous discussions about practical applications, blockchain technology has gained a new round of development. The term "distributed data registries" is often used in various fields, and the steady growth of the technology itself only fuels interest.
One of the most promising and little studied technologies applied to the mobile segment - blockchain - Samsung pays special attention. The company first integrated this technology into the Galaxy S10 line of devices. Today, Samsung is actively working on the creation of various services based on the blockchain - from cryptocurrency wallets to decentralized applications (DApps). The company intends to gradually expand the range of devices supporting this technology, thereby lowering the barriers to its availability to as many users as possible in other countries (today, solutions are tested in the USA, Korea and Canada). This will make the platform more open for other companies, startups, telecom operators or large developers and give impetus to the development of new services. And Galaxy smartphones in the future will be able to become a channel for promotion for such services on the world market.
One of the main constraints to blockchain distribution on mobile devices is that now, in the current environment, most blockchain applications are designed for PCs and their browsers. This is mainly done for security reasons.
To work with the blockchain, you need public and private keys, or strings of characters that are almost impossible to guess at random. This is both the strengths and weaknesses of the technology: the key is all that a hacker needs to gain access. And instead of wasting time picking up a key, hackers can simply steal it from the most vulnerable point of the system - on a computer or mobile device.
At any time when the keys to the blockchain are entered, displayed or stored on such devices, they can be compromised. In addition, mobile applications using the blockchain usually store private keys in the internal memory of the phone, which also increases their vulnerability to hacker attacks. Samsung has developed a solution to these problems: at the beginning of this year, the company introduced the Samsung Blockchain Wallet App for the Galaxy S10. The main objective of this cryptocurrency wallet is to give users a tool for conducting transactions in cryptocurrencies and provide convenient access to decentralized mobile applications (DApps) on their smartphones. This was made possible thanks to the Samsung Blockchain Keystore.
Samsung Blockchain Keystore launched with Galaxy S10 series
At the beginning of the year 2019, Samsung Blockchain Keystore was launched with the Galaxy S10 series to store the user’s private key in the secure area of the phone and sign blockchain transactions in a safe environment. As a preloaded feature on selected devices in selected countries, Samsung Blockchain Keystore aims to contribute to the blockchain ecosystem to help users and blockchain apps leverage security features of the device and thus, safely use blockchain technology on the mobile.
Samsung Blockchain Keystore can be found by going to the device’s Settings > Biometric and Security. Under the Security category, you will see “Samsung Blockchain Keystore.”
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