Sat, December 03, 2022

South Korean Technology Giant and Cryptocurrencies

Samsung Blockchain Keystore and new opportunities

Cryptocurrencies such as Bitcoin, Ethereum, and others gradually became part of the modern world. Crypto-related companies, as well as companies not directly linked to the crypto industry, have the opportunity to earn money thanks to this industry.

However, crypto adoption is not an easy task, and international companies should work harder to speed up the process. One multinational conglomerate from South Korea developed smartphones that would make it easier to accomplish this goal.

Moreover, Samsung can play an important role when it comes to crypto adoption.

Last week, Samsung unveiled its latest Galaxy smartphones S20, S20+, and S20 Ultra models. It is important to mention that in 2019, the company sold almost 300 million phones.

According to Samsung, the company created a secure processor dedicated to protecting the PIN, password, pattern as well as Blockchain Private Key.

In 2019, Samsung introduced the so-called Blockchain Keystore, initially with support for Ethereum and other ERC-20 tokens. Furthermore, in August 2019, Samsung added Bitcoin support to its Blockchain Keystore. Owners of Galaxy S10 and Note 10 models are able to store the private keys to the Bitcoin wallets on the device.

Cryptocurrencies and security concernsSouth Korean tech giant crypto

The control over a wallet’s private keys is viewed as one of the most overlooked and important aspects of Bitcoin and cryptocurrencies.

However, if users would store a cryptocurrency on a smartphone-based wallet, they would oversee their private keys. Consequently, there is no need to store the keys on external exchanges.

Samsung, as well as a micro-blogging platform Twitter, could help the crypto industry to overcome the problems connected with crypto adoption.

Cryptocurrencies offer a number of advantages in comparison with fiat currencies. Smartphone makers have the unique chance to participate in crypto adoption. This would be beneficial for all sides. Samsung realized the importance of the crypto industry and its latest smartphones once more underline this decision.

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