Mobile phones have proven to be a phenomenal development that has changed how people operate in their daily lives. Mobile phones, and especially smartphones, have evolved from being just a simple communication gadget to a rather critical tool with diverse functionality as opposed to its initial intended purpose. Today, it’s possible to accomplish many of our daily tasks such as banking, planning, data storage, entertainment and many more with a touch of a smartphone screen.
Technological innovations have been the driving force that sustains growing demand in the telephony sector, and companies are keen to tap these new trends. With this in mind, Samsung Electronics, a major player in the telephony sector has, incorporated blockchain and cryptocurrency in its latest product. The company recently launched the Galaxy S10 model that supports a cryptocurrency wallet dubbed 'Samsung Blockchain Wallet'.
The new blockchain Samsung Galaxy S10 is designed with crypto buffs in mind. It's special features include a cryptocurrency wallet that is compatible with Ether and Ethereum ERC20 tokens. It is capable of supporting four decentralized apps - Cosmee, the beauty community, Enjin, the crypto gaming platform, CryptoKitties, the crypto collectibles platform and CoinDuck, the merchant payments service.
With its private key storage ‘Blockchain Keystore’, the Galaxy S10 offers a secure storage solution, along with seamless payments and transfers of select cryptocurrencies to merchants. The phone has digital signing capability and adequate storage facilities.
In early March, Samsung launched a worldwide shipping of the Galaxy S10 phones to over 70 countries. Initial pre-sale figures indicate a vibrant reception in both the UK and USA with other territories faring well. Data from Samsung UK revealed that the blockchain-based smartphone has generated more pre-order sales compared to any of its previous models. Within the first hour of sales the new S10 series had surpassed those of its predecessor series S9 by at least 2.38 times.
These positive pre-sale figures point to increased future adoption of blockchain and cryptocurrencies in the telecommunication sector with more companies working to improve the infrastructure.
According to Jess Davis, CEO of Uberstate, the move by Samsung Electronics is a major breakthrough in the telephony sector that will inspire trust and mass adoption of blockchain and cryptocurrency.
Davis says, “In my professional opinion this is an example of a technology provider moving towards mass adoption of blockchain. As the infrastructure grows and it becomes more common more companies will follow suit. I predict others will join in the race to have the best wallets embedded on their phones and find partners in the space.”
Samsung Electronics is not the only company that is integrating blockchain in mobile phones. In December 2018, Sirin labs, a Swiss-based smartphone developer, delved into the unchartered territory of blockchain smartphones when it launched the first product of this kind, the Finney smartphone. Not to be left behind, HTC announced that it was working on its Exodus 1 Blockchain smartphone, which it launched towards the end of last year.
Other telecommunication giants that have so far expressed interest in incorporating blockchain and cryptocurrency in future projects include industry leaders Huawei and IBM.
Disclaimer: David Drake is on the advisory board for most of the firms mentioned or quoted in this article.