The world’s biggest smartphone company, Samsung announced that the Samsung Galaxy S10 will be launched on 8th of March this year. The new Galaxy S10 will contain special crypto features like the Blockchain Keystore, that would allow users to store private keys and handle cryptocurrency payments. In the press release, the company stated:
Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.
The Blockchain Keystore outlines “Store your cryptocurrencies more securely” with additional information regarding the use of the application and other functions. The app would allow users to perform 3 major tasks which are; payments to merchants, digital signatures and crypto storage & transfers. These features will allow processes to be carried out much easily and timely, without any delay, on a secured network. Along with these features, the Galaxy S10 has other specifications as well such as, secure distribution of data, direct sharing of content, digital asset management and transactions and more.
Samsung, founded in 1938 is one of the biggest organizations in the world responsible for making high tech electronic products such as smartphones, tablets, televisions and much more. The company is known for bringing innovations especially in the mobile phone industry. By introducing the first dual-camera phone to launching a smartphone with crypto features, Samsung has always been there competing in the techno-world.
The company realized the need to add crypto features in its latest smartphone in order to securely store cryptocurrency private keys with the addition of ‘Blockchain Keystore’. The company made sure to eliminate chances for fraudulent activities following the events that have occurred over the past few years in the crypto space. The need to introduce crypto features in smartphones was taken keeping it in consideration.
The tech giant showcased its latest products at Samsung’s major D’light store based in Seocho-Gu, Seoul where the Samsung Galaxy S10 was also reviewed and its new features were under the light. In the review, the introduction of the new “Blockchain Keystore” was publicized.
The above mentioned specs must already have android users on their toes but there is more good news to follow. The application will be based on blockchain technology that would store cryptocurrency transactions. The smartphone would guarantee more security to transactions made in cryptocurrencies, courtesy of the supervision of a decentralized network. It provides all the participants in the network equal opportunities within limited resources despite of their protocols, minimizing chances of any illicit activity. This special feature is not limited to Samsung’s smartphones but is also included in the Samsung Tablets as confirmed by the company in its ‘terms and conditions’ section.
The company is hopeful to include Blockchain Keystore in all of the mobile phones and notebooks made or retailed by Samsung Electronics. Samsung looks to make further advancements in this feature by adding third-party services to the smartphone which would allow it to use other blockchain-based decentralized applications (DApps) on the mobile phone. This really seems like another revolution in the field of technology despite the uncertainty whether the trading of crypto assets would become a common and legal practice in the international market.
Can the launch of app, “Blockchain Keystore” be considered as a mean for safe and secure cryptocurrency transactions? The incorporation of the technology in a smartphone device of the caliber of Samsung Galaxy S10 would target a larger audience and create a sense of seriousness in both the mobile phone industry as well as the crypto space. Samsung rises the claim to ensure more security to users but how?
In the smartphone’s review, it was explained that to log into the Blockchain Keystore app, users need a private key aka password to use blockchain services. The company urged users to keep this key/password safe in order to avoid being victims of frauds. Samsung has used the Knox service in all of its mobile phone devices for security management from the year 2013. The security service is also verified with the with the U.S. Department of Defense security certification and U.S. National Information Assurance Association Common Criteria certification.
While the secured function of Samsung mobile phones is thoroughly clarified, a worrying question that comes into a users mind is that, what is the use of this private key if the mobile phone itself is lost or stolen? The company described that the private keys stored in the Blockchain Keystore app are backed up with a personal account of users by Samsung. Similar to iPhone’s iCloud service, that stores user data on the cloud space which is accessed through user account.
If Samsung users lose their mobile phones, they can always access the data on their devices through their private keys. They can also erase the private key on the stolen or lost device through Samsung’s Find My Mobile service. And if users delete any of their data by accident, they can always get it back through their accounts.
In the launching video at Seoul, the company illustrated ways to transfer their funds through the Blockchain Keystore app. Putting in the required information regarding the transaction, it will then be completed by confirmation through a fingerprint ID or PIN code. This means that the process of transferring funds cannot be completed unless the user has access to the PIN code or fingerprint ID, ensuring more security for users. The application allows user to import a wallet and even create a new one. The Blockchain Keystore app has bitcoin and ether as its default cryptocurrencies but the wallet makes sure that user can add more cryptocurrencies and ethereum-based tokens, if need be.
The launch of the new Samsung Galaxy S10 would urge other mobile phone companies to come up with similar or much enhanced applications like that of Blockchain Keystore. This app catch the eyes of users in both industries i.e. mobile phones industry and the crypto space, providing them with a luxury never experienced before.