Samsung, one of the leading electronics manufacturers and creators of the Galaxy smartphone lineup, may soon become one of the largest drivers for blockchain and cryptocurrencies.
The company began experimenting with digital coins and blockchains last year. And last week, the company introduced its latest line of Galaxy smartphones with the new S20 models.
The company also wrote on its website that a secure processor has been developed for the Samsung Galaxy S20 is designed to protect the password, private key, pattern and PIN code of its users. Moreover, through collaboration with the Knox platform, security is now integrated into all parts of the smartphone, from hardware to software. Therefore, the personal data of users will remain safe and confidential.
In addition, with the support of Ethereum and other ERC-20 tokens, a model was introduced with Blockchain Keystore last year. Then in August, bitcoins were added.
Nowadays, managing a wallet with a private key is one of the important aspects of bitcoins and other coins. This is because most hacker exchanges and thefts are due to the fact that people cannot store their currency in crypto wallets for which they have private keys.
If cryptocurrencies are stored in a wallet on a smartphone and allow users to control their private keys, then this eliminates the dependence on external exchanges.
The private key vault for digital currencies will be available by default across the entire S20 line of smartphones.
Samsung first added encryption support in March 2019 to the wallet device in the Galaxy S10. Then in July, the manufacturer introduced the development kit to the world, which enabled third parties to create individually designed phone applications. One of these applications helped users pay for services and goods in digital currencies by scanning a QR code.
Moreover, such as Samsung and the microblogging platform Twitter, can help the development of bitcoin and the crypto industry.
The S20 line is expected to be on sale from March 6th.
The manufacturer of the Apple iPhone, in turn, would also seem to be able to do something similar, especially when one of its leaders said that he was watching crypto coins and their updates. However, Tim Cook, Apple’s CEO, subsequently refuted expectations that he could follow in the footsteps of Facebook and create his own cryptocurrency.
Meanwhile, the Bakkt cryptocurrency platform announced in October that it has plans for 2020 to make a consumer cryptocurrency purchase application.
Starbucks, the American coffee shop line, will be its first launch partner with the Boston Consulting Group and Microsoft.