Samsung is one of the biggest tech companies in the world which has just recently applied for three blockchain-related trademark requests for smartphones. Being based on the descriptions provided by the business, the three European trademark requests relate to providing crypto custody services on mobile phones. This suggests that Samsung might be looking to make its start on the blockchain smartphone market after the recent release by HTC and the Exodus 1 and Sirin Labs’ with FINNEY. Both of these new smartphone offers cryptocurrency custody.
Galaxy Club, a tech news blog in the Netherlands has reported that the three requested patents are called Blockchain KeyStore, Blockchain Core and Blockchain key box. The names alone are clear indicators for which the world's leading smartphone designer is making. With this news breaking out during times of turmoil in the cryptocurrency markets, there are several influential companies such as HTC and Samsung which think that cryptocurrencies and blockchain technology will be the vital thing to push growth and are therefore investing accordingly.
The Dutch news blog has claimed that Samsung is aiming to release more information about its interest in the development of a range of smartphones with specialist cryptocurrency and blockchain functionality along with the business continuing ‘mini crypto pivot’.
In the summer news also broke out about a senior IT consultant, Joel Snyder who is a contributor for insights at Samsung. Snyder published a paper which revealed that for the purpose of crypto storage, mobile phones bring in some big advantages for security over laptops and other devices due to TEE (Trusted Execution Environment) which isolates execution from internal memory. With this, hackers will have a tough time in their attempts to steal data such as crypto wallet private keys.
As reported by CCN, along with this, “Samsung may be gambling on the adoption of cryptocurrencies as the next big user evolution that will drive sales of its smartphones. Indeed the descriptions provided in the trademark request directly allude to its intention to build blockchain related solutions for mobile devices.”
For now, though the question still remains as to whether the electronics giant will be intending to offer these services on any of their models which are currently in the pipeline such as the upcoming phone Galaxy S10, which is set to launch soon.
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