Is Samsung quietly becoming a significant player in the cryptocurrency and Blockchain industry?

For some time, competition between tech giants has been predominantly focused on smartphone specifications and improving features such as camera specs, screen size and resolutions. However, Korean technology giants Samsung, the creators of the Galaxy smartphone range could potentially become one of the most significant driving forces behind crypto and blockchain adoption on a mass scale. The power of crypto and blockchain technology is now accessible and available to more extensive consumers thanks to their smartphones, putting the power in the hands of the people, literally.

Over the years, the Android market has boomed and takes up about 60% of the global market. The graph below indicated that between the years of 2013 to 2019, the quarterly market share held by Android smartphones has been significantly more significant than that held by their biggest competitor iOS. The innovation of technology in Android phones, like Samsung’s newest range of Galaxy phones, indicates a quiet but evident shift in the direction of new blockchain smartphone features.

(image source Statista) 

Samsung unveiled its latest 5G enabled Galaxy range of smartphone compromising of the S20, S20+ and S20 Ultra. The new smartphones have been built on the older S10 ranges which means bitcoin, blockchain and cryptocurrency are supported on the system which hosts a built-in bitcoin and crypto wallet. It is thought that Samsung has created a processor that is dedicated to protecting the user’s PIN, pattern, password and Blockchain Private Key with a combination of their security Knox platform. This ensures that security on their new S20 range is secure. 

Blockchain Keystore

Introducing their Blockchain Keystore last year it initially only supported ERC-20 token but added bitcoin in August of last year. Using Samsung devices with Blockchain Keystore means users can store their bitcoin and crypto wallet private keys on the device. One of the most critical issues that is overlooked is the control over a private wallet key and in most cases is the reason why most crypto thefts and hacks happen, because users fail to store their tokens in the wallets they have private keys for. This then means that if bitcoin or crypto are stored on smartphone wallets, it gives users controls over their private keys and removes the control and reliance on external companies. 

The adoption of crypto has fallen short in recent years concerning its expectations. However, user experience developments have helped innovate technology to make using crypto more accessible. This slight move and adoption of crypto-friendly software on widely used devices could help drive the crypto industry. As technology slowly makes using crypto easier, we will see many adoption developments happen over time. For example, Starbucks, a US coffee chain, will be the first launch partner of Bakkt, who plan to launch a customer app for crypto purchases this year.

New dApp developments by Samsung also show promise in the area of growth towards crypto. Their wallets can support four decentralised apps. These include CoinDuck, Cosmee, CryptoKitties and Enjin. The dApps can only be used on galaxy range phones that support them from the Samsung Galaxy Store. 

When looking at the broader picture, Samsung has always strived to offer its users new features and devices like the Z Flip with great features like is folding glass screen, which typically revolutionises the mobile and technology industry. These new ideas, paired with new financial ways of working like crypto, mean that new concepts will become increasingly accessible and easy for consumers to use on a mass scale. Their limitations are taken away from them, and they then become fully functioning services. 

The conclusion

By slowly integrating these new concepts into their devices along with software to support them, Samsung is inevitably increasing their knowledge in crypto and blockchain technology and are simultaneously expanding their reach of customers. More crypto investors will be interested in purchasing Samsung mobile phones because now with high specification phones comes the ability to have excellent camera quality and all the other shiny gimmicks as well as a crypto wallet. The popularity of Samsung blockchain phones will be sure to turn the heads of their competitors which mean the Samsung range of smartphones might be the first of many to hit the market in the years to come.