Samsung to Patent Blockchain KeyStore KeyBox and CoreDecember 12, 2018
Samsung files for blockchain-related trademarks for smartphones. Reportedly, the Electronics Giant has filed for a total of 3 patents.
All the three patents were related to providing for crypto custody services using smartphones. This is indicative that Samsung will be entering the blockchain smartphone market.
Of note, they have recently released the Sirin Labs’ FINNEY and HTC’s Exodus 1, and both of these offer crypto custody services. This is indicative of the direction of progress that the largest smartphone maker is taking, despite the current market scenario in the crypto world.
When there is blood on the streets in the crypto market space, the giant is all set to believe that technological innovations like cryptocurrency and the blockchain technology are the key growth drivers moving forward.
The current move is indicative of the fact that Samsung is betting on the crypto. Samsung might very soon declare more about its interest in developing wide ranges of smartphones. These phones will come with blockchain and cryptocurrency functionality. This will be done as a part of the ongoing crypto pivot of the company.
It was earlier published in the CCN that for purposes relating to crypto storage, there are significant security advantages provided by smartphones, particularly when compared to laptops and several other devices due to the Trusted Execution Environment (TEE). This environment separates the execution from the internal memory. This, in turn, makes it difficult for hackers, making it very difficult for them to steal private keys to crypto wallets.
The sales of smartphones will be driven with the adoption of cryptocurrencies. This is expected to be the next best user evolution.
The descriptions in the patent for the trademark has directly made a mention of their intention to build solutions for mobile devices based on the blockchain technology.
It is not clear until now on whether Samsung will be offering these services on their forthcoming models that are likely to be launched very soon.
The year has been pretty tricky for crypto investors; however, the South Korean conglomerate has been busy making trademark requests.
Samsung of late signed up a deal with Squire, a Bitcoin mining company from Canada to help manufacture the new ASIC chips. These chips will help Samsung complete their operations versus Bitmain’s Antminer series.
With regulators doing their part in promoting a safe crypto environment, there will soon be a secure cryptocurrency ecosystem where mobile phones with integrated technology can be used for payments.