Already known to be favorable toward blockchain products, Korean tech giant Samsung is rumored to be including a wallet and storage feature on the new Galaxy S10 smartphone. A recent leak of photos of the new device shows an application called KeyStore — assumed to refer to private key storage.
Evidently, the app will allow storage of multiple cryptocurrencies, but the only one shown in the leaked photos is ETH. Additionally, users will be able to import existing wallets as well as create new ones with the KeyStore feature.
— The Verge (@verge) January 23, 2019
Samsung has been exploring the blockchain world for some time, previously having released blockchain project initiatives and even manufacture ASIC chips for mining.
Samsung has previously implied that smartphones have the best security for blockchain and cryptocurrency. While this statement is false for many reasons, smartphones are a good starting point for crypto newbies until they gain a better understanding of security and take control of their private keys.
That’s important because phone malware poses a security threat for those who store keys on their mobile devices. Similarly, there have been many cases of identity fraud allowing access to phone data that results in stolen cryptocurrencies. The hope is that Samsung will produce a product with some worthy security features.
Hardware wallets disconnected from the internet are still the best way to protect one’s tokens and private keys.
“Every other smartphone manufacturer including Apple will now have to integrate a crypto wallet or fall behind,” said Aaron Tay, former reserve manager at Singapore’s central bank, the Monetary Authority of Singapore.
Tay raises an interesting point. Will Apple begin to follow the trend that other telecommunication giants are setting? Given its current wariness towards cryptocurrency applications in the Apple Store, it seems unlikely. However, as competition begins to favor blockchain innovations, perhaps Apple will join the party.
Given the recent release of the HTC Exodus 1 Blockchain phone and Chinese electronics company Huawei’s release of blockchain cloud services, Apple appears to be lagging behind. The first and second largest phone manufacturers in the world are working with blockchain. It’s Apple’s turn to jump in or get left behind.