By
Mayowa Adebajo
April 10th, 2024
Reports emerge that Samsung is planning to launch a blockchain smartphone. The company denies these reports but their recent trademark applications suggest otherwise.
Earlier in 2018, HTC confirmed its blockchain-powered smartphone called Exodus, while in July Sirin Labs announced its plans for ‘Finney‘ – $1,000 blockchain phone now available for pre-order. Samsung is said to follow suit in the development of blockchain smartphones. The allegations, which Samsung denies, arise from the number of trademark applications it filed in the European Union recently. The applied trademarks are for the Blockchain key box, Blockchain KeyStore, and Blockchain Core.
Samsung described all these trademarks in the application document as:
“Software applications for use with mobile devices; computer software platforms; application software.”
Sammobile reported independently that Samsung’s crypto services will have two different parts. A crypto wallet used for viewing account information, transfers, and transaction history. Their “cold wallet” is designed for saving public and private keys, cryptocurrency, and signing private keys for crypto transactions.
In the same report, Samsung is allegedly preparing to introduce these apps into the market with the Galaxy S10. When asked for a response to these allegations, the company stated:
“Unfortunately we are unable to provide any information as the below is rumor and speculation.”
It would appear odd for Samsung to register trademarks for services that it is not developing. Although the company is not overly secretive, they may deny the reports while developing the apps anyway.
Blockchain Implementation
Cryptos like Bitcoin have become extensively popular. Blockchain is the underlying technology supporting the alternate digital or virtual currency. Since its inception, the new technology is revolutionizing every sector of life worldwide. Originally, the first investors believed that crypto could replace gold as the fundamental asset controlling economies.
Although cryptos peaked in December 2017, they have experienced a persistent decline in the entire 2018. Powerful computers mine cryptos through a crypto process. The Available virtual wallets store these digital currencies for trading where acceptable. Various countries, like China, banned most of the crypto-related activities.
On the other hand, South Korea, home to Samsung, is among the few countries embracing blockchain. It is not a surprise when Samsung wants to capitalize on the blockchain and crypto popularity. The Mobile manufacturer will offer e-wallet services for cryptocurrency storage by implementing features in their Smartphones’ blockchain capabilities.
It is still not clear why Samsung applied for these trademark registrations. Nonetheless, smartphones can only be used for limited activities within the cryptocurrency ecosystem. These phones can store the holding of the codes or crypto keys needed to access the e-wallets holding the crypto funds. Since the phone is a personal device, chances of hacking or losing the information are considerably less.
Samsung registered a Blockchain KeyStore trademark application in the EU. Thus, it strongly suggests that the company may add this feature to their phones in the future. Maybe, the flagship Samsung Galaxy S10 phones may have this feature.