Quick Intake
Hello all, In this article, let us see How SAMSUNG Flagship models can act as Blockchain nodes and enable us to secure our PRIVATE KEYS.
The Bitcoin wallets shall be accessed with the PRIVATE KEYS which are to be preserved securely by the users. If these PRIVATE keys are lost or misplaced, all the cryptocurrencies inside the wallet will be lost forever and not traceable.
Hence Preserving the same is quite essential and users shall preserve them by Noting down somewhere or even keeping them in Bank lockers. Few other methods include – Using HARDWARE WALLETS, flash drive or HDD, Using CRYPTOSTEEL, PAPER WALLET, QRCODE, etc..
From now, With the help of SAMSUNG KNOX Blockchain support, Users of Galaxy 10 series and above, can have the same stored securely in mobile phone.
These features keep Samsung stay apart from its competitors.
Happy Reading…
Samsung, the South Korean technology giant and creator of the Galaxy smartphone range, could soon become one of the biggest drivers of bitcoin, crypto and blockchain adoption.
While bitcoin traders and investors are focused on the upcoming Bitcoin halving, a looming U.S. bitcoin crackdown, and rocky crypto trading volume, Samsung is putting the power of bitcoin, crypto, and blockchain in people’s hands.
This new 5G enabled smartphones to build on the Galaxy S10 ranges’ bitcoin, cryptocurrency, and blockchain support, which last year was revealed to boast a built-in bitcoin and cryptocurrency wallet.
“We created a secure processor dedicated to protecting your PIN, password, pattern, and Blockchain Private Key,” Samsung wrote on its website, announcing the new S20 Galaxy phones. “Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private.”
Those using Samsung devices with the Blockchain Keystore are able to store the private keys to their bitcoin and crypto wallets on the device.
Control over a wallet’s private keys is often cited as one of the most overlooked and important aspects of bitcoin and cryptocurrencies, with many of the biggest crypto exchange hacks and thefts happening because people fail to store their tokens in wallets they have the private keys for.
If bitcoin or cryptocurrencies are stored on a smartphone-based wallet that gives users control over their private keys it removes reliance on external exchanges.
Bitcoin and cryptocurrency adoption has fallen short of expectations in recent years, with some predicting that bitcoin and other cryptocurrencies would be widely used by 2020 following bitcoin’s epic 2017 bull run.
However, technology and user experience developments from the likes of Samsung and the micro-blogging platform Twitter could help the bitcoin and crypto industry drive adoption.
Meanwhile, iPhone-maker Apple raised eyebrows last year when one of its executives said it’s “watching” cryptocurrencies—however, Apple chief executive Tim Cook subsequently dismissed expectations it could follow in Facebook’s footsteps and create its own cryptocurrency.
