Samsung focus in blockchain can be seen in the support of dapps, decentralized apps that are based on blockchain technology, as well as the introduction of the Samsung Blockchain Keystore and Knox. Here's few reasons why..
amsung’s latest flagship line, the Galaxy S10 series, is the company’s first product line to include a cryptocurrency wallet, also known as the Samsung Blockchain Wallet App. However, it does not intend to stop at simply that.
Their focus in blockchain can be seen in the support of dapps, decentralized apps that are based on blockchain technology, as well as the introduction of the Samsung Blockchain Keystore.
Launched in March 2019, Samsung’s Blockchain Keystore represents a significant component of the Korean company’s blockchain initiative. It tackles some of the main security issues and concerns when it comes to integrating blockchain with mobile devices.
As a dapp store, it has grown from four applications initially at launch to seventeen within a five-month span.
While this number may pale in comparison to the 2.8 million traditional mobile apps on Google Play, the dapp ecosystem is fairly new, and Samsung is one of the few large companies with the resources to expand such a relatively unexplored territory.
To empower more developers to create dapps and grow the blockchain ecosystem, Samsung has also introduced the Blockchain Keystore SDK, giving them and the dapps that they develop access to the Samsung Blockchain Keystore.
The SDK also allows developers to safely and securely authenticate private keys.
Of course, this is not to say that there aren’t other competitors who have set their sights on this market. Apple released a ‘CryptoKit’ for iOS 13 in June of this year, which seems to hint at the Silicon Valley company’s intent to get a piece of the action.
Not long after that, Korean tech giant LG also trademarked the name “ThinQ Wallet”, signalling the same thing.
Looking at Samsung’s history, it’s clear to see that they’re no strangers to building secure infrastructure into their devices, especially on mobile platforms. If you have ever owned a Samsung flagship phone and are the least bit security-conscious, you will have heard of Samsung Knox.
For those who haven’t, Knox is an extra layer of security that Samsung adds onto their top-of the-line Android phones. That extra layer allows you to separate the data for your apps into two separate sets of data that exist on the same device. That way, you can isolate one set of data (for example; confidential, work use) from the other (personal use).
Even if an unauthorized party were to get access to your phone, they would still have an extremely hard time accessing that second layer that’s protected by Knox.
In fact, it is so secure that it’s used by IT professionals in many enterprise firms, as well as government agencies in over half a dozen countries, including the UK and the US. If it’s good enough for the US Department of Defence, then it’s good enough for your private keys.
Samsung Blockchain Keystore actually does use the same Knox technology to verify that a device’s kernel has not been tampered with, and that the device is running an approved binary. The result is further reassurance that your private information is better protected, so that you can continue using your shiny new Galaxy S10 as a cold wallet with peace of mind.