Patent suggests Samsung could be working on a blockchain smartphone
What's the story
Samsung, one of the world's biggest electronics company, could be working on a blockchain-based smartphone. The South Korean giant has filed applications for "three blockchain-related trademark requests for smartphones" in EU, according to Galaxy Club, a Dutch news portal. The trademark requests relate to a crypto-wallet that could be offered as an app, suggesting Samsung's entry into the blockchain world. Here's everything we know.
Crypto cold wallet
Here's what the patent applications reveal
The three requested patents, filed under the category of smartphones, are titled 'Blockchain KeyStore', 'Blockchain key box' and 'Blockchain Core'. And while these trademark requests reveal few details of the proposed applications or services, SamMobile has exclusively confirmed that Samsung is developing a proprietary cold wallet for cryptocurrencies, which "may be launched" with the company's upcoming Galaxy 10 smartphone.
In the works
Inside Samsung's plan to venture into the blockchain space
SamMobile claims that "Samsung's cryptocurrency service" will have two parts. Firstly, there will be a "cold wallet for saving cryptocurrency, public and private keys as well as signing private keys for cryptocurrency transactions" and another cryptocurrency wallet "for transfers, viewing account information and transaction history." And while Samsung is yet to finalize a name, the service may initially support Bitcoin, Ethereum, and Ethereum-derived tokens.
More secure
Samsung's crypto cold wallet will use addition on-device security authentication
SamMobile reports that Samsung's cryptocurrency cold wallet will allow users to create a new wallet or import their existing wallets in the app itself. Notably, Samsung will not have access to your information as all the data will be stored on the blockchain network. Moreover, Samsung's cold wallet "will offer an additional layer of security by requiring authentication" via PIN method or fingerprint scanning.
New market
We already have a couple of known blockchain-focused smartphones
While the first wave of cryptocurrency demand may be receding now, the market for more secure cold wallets is on a rise. We already have Sirin Labs's Finney and HTC's Exodus smartphones that offer built-in cold-storage wallet and hardware support for cryptocurrencies and decentralized apps. Perhaps, like others, Samsung is also readying the ground as the next wave may bolster sales of its smartphones