Samsung, one of the largest tech companies in the world has recently announced that it will be bringing its budget devices into the blockchain fold.
The large corporation made its debut in the blockchain by introducing crypto wallets and blockchain key storage on its latest flagship device, the Samsung Galaxy S10. But it seems like the mid-tier devices will also be given an update, due to Samsung’s faster assimilation of the blockchain technology.
Samsung embracing the future
The company’s senior managing director has said that lowering the barrier of entering the blockchain ecosystem is a top priority of Samsung. it is clear that the company wants as many of its customers to get acquainted with the blockchain system, and it is not something completely revolutionary.
Samsung has been affiliating itself with cryptocurrencies ever since the S10 came out. They’ve even developed their own framework on the Ethereum system. It currency supports every ERC-20 Token as well as Ethereum itself.
The devices will provide its users access to an in-built crypto wallet for storing assets, much like S10 had when it first came out. Furthermore, there will be a blockchain-supported Key Store, which will guarantee that the users can safely store their wallet keys on the device without anybody having access to them besides them.
Samsung has also disclosed its plans to initiate a new project called the Blockchain-based mobile identification card. However, in order for it to be realized, local telecommunications corporations such as SK Telecom, and Korean Telecom need to be on the same level. Negotiations have already begun, but when the project will kickstart is not yet known.
What to expect in the market
Overall, this is definitely not going to impact the market in any way. Nearly every Android user who is already a crypto investor, will most likely not change his or her ways of dealing with cryptos. If anything, the inclusion of a crypto wallet on the device will simply provide more convenience for accessing the assets.
However, there are talks that this may bring in more “small-timer” investors into the crypto market due to blockchain exposure from the budget phones. But in all honesty, that is simple speculation.
