Blockchain is being introduced in all markets, and the latest is the smart phone one, where iPhone manufacturers have announced that they are bidding in order to build the first blockchain smartphone.
Sirin Labs, which is a Swiss Israeli technology firm, have recently announced that they are planning, and will soon begin to manufacture the Finney blockchain phone. This is the first of its kind, but it is only natural that this would come from Sirin Labs, as they are subsidiary of the world’s largest contract electronics manufacturer Foxconn.
So what makes this phone different from all other phones that are out there? Well the main difference is that the phone will secure cryptocurrencies, such as Bitcoin for example. But, what makes it even better is that users of the phone will not need to pay transaction fees. This is because the phone will convert the tokens for the use of decentralised applications, but they do not need to obtain the different tokens that they are using through an exchange.
They raised a whopping $157.8 million from their initial coin offering, to make a computer and the blockchain smartphone. They have plans to sell their devices already at eight different stores, which have been located in Vietnam and Turkey, and have already had a whopping 25,000 units that have been preordered as it is; however, reports suggest that they are hoping to ship from 100,000 to a few million units this year.
They are not the only company to be doing this though, so it is likely that they will have competition on their hands. Huawei have also spoken of their plans to make a ‘blockchain ready’ smartphone, again in partnership with Sirin Labs. Their phone will ensure that blockchain based applications can run alongside the Android functionality. However; it should be added that they are yet to decide the development.