Samsung Could Become the Biggest Driver of Bitcoin’s Adoption

Samsung, a South Korean multinational conglomerate could potentially become one of the biggest drivers of Bitcoin’s and Blockchain’s adoption. The tech giant recently unveiled its latest range of smartphones, the Galaxy S20, S20+, and S20 Ultra. And like the Galaxy S10, these flagship devices feature a blockchain wallet, report’s Forbes on February 18, 2020.

Samsung Shows Increasing Interest in Cryptocurrencies

Per the report, Samsung has shown increased interest in cryptocurrencies. As such, the company could potentially become one of the biggest drivers of Bitcoin’s and Blockchain’s adoption. The cryptocurrency wallet functionality Samsung enabled on its flagship devices is the major reason for this belief. This wallet was first spotted on the Samsung Galaxy S10.

And even more recently, Samsung unveiled the latest smartphones in the Galaxy series, the S20, S20+, and S20 Ultra. These 5G devices also feature a built-in cryptocurrency wallet for storing Bitcoin. According to the technology company in a blog post, the whole security system of these smartphones was upgraded to ensure that what belongs to the user remains theirs.

Accordingly, the Galaxy S20 devices sport a secure processor that dedicatedly protects the user’s PIN, password, pattern, as well as their Blockchain Private Key. “Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private,” Samsung added.

Galaxy S20 Devices May Support Ethereum and Other ERC20 Tokens

On the other hand, the Galaxy S20 devices may also support Ethereum and ERC20 tokens, which was the case of the Galaxy S10. However, when the Galaxy S10 was first launched, it did not offer support for Bitcoin until at a later time.

Despite this, the Blockchain Keystore or wallet on these devices enabled users to store their Private Key on their smartphone securely.  Samsung’s Blockchain Keystore, therefore, took away the need for users to leave their funds on exchanges, which are prone to a hack.

Samsung Ventures Into Blockchain Space

Samsung has also ventured into the Blockchain space in different ways asides from promoting Blockchain’s use through its smartphones. In October 2019, Samsung SDS, a subsidiary of the Samsung group collaborated with an Indian multinational subsidiary of the Mahindra Group, Tech Mahindra and American software company, Pega. The trio’s collaboration aims at creating a blockchain-based traceability solution.

What’s more, Samsung SDS partnered with the telecommunication services company Syniverse in January 2020. The duo intends to create a common payment platform for mobile operators and users through their partnership.

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