Samsung Electronics Co. shared that it had developed a new blockchain solution that allows Samsung Galaxy owners to use their smartphones as hardware wallets. The new system update enables blockchain users to manage virtual assets previously stored on third-party cryptocurrency wallets from the Samsung Blockchain Wallet. Furthermore, Samsung Blockchain Wallet offers secured mobile virtual asset management and is available on most Galaxy smartphone devices.
Offering Advanced Blockchain Solutions
Samsung’s newly developed technology enables Samsung Blockchain Wallet users to access assets and process transactions from a single, convenient location. In addition to the advanced security solution, Samsung also installed a dedicated newsfeed to the Samsung Blockchain app. This added feature highlights articles from leading blockchain news outlets such as CoinDesk, providing blockchain users the latest cryptocurrency trends.
According to Samsung, device security is vital to storing and managing virtual assets. In 2019, the company introduced the Samsung Blockchain Wallet app along with the flagship Galaxy S10. Since its launch, the wallet app has supported some of the most in-demand cryptocurrencies, including Bitcoin, ERC tokens, and Tron.
Besides storing popular cryptocurrencies, Samsung Blockchain Wallet delivers decentralized app (DApp) support. It also lets Galaxy smartphone users access DApps that utilize blockchain tech for digital asset authentication and exchange. Samsung gave users access to the latest DApps, with categories ranging from finance, security, social media, and more.
Notably, Samsung’s blockchain-enabled wallet supports the Samsung Blockchain Keystore. Moreover, Samsung Blockchain Keystore provides additional protection by encrypting security-conscious users’ cryptocurrency and DApps private information. In particular, it stores users’ private keys in a dedicated secure area separate from the central operating system. It also further protects information using an advanced processor that only provides asset access through the owner’s fingerprint or PIN.
Aside from the Samsung Blockchain Keystore, the company enabled Galaxy smartphones to support third-party hardware wallets, including the Ledger Nano S and Ledger Nano X. Samsung’s blockchain solutions also offer added security with the Samsung Knox platform. Separately, in February, Samsung introduced the Samsung Knox Vault to address the increasing cyberattack risks, improving data privacy.
Giving Developers More Opportunities
“Samsung believes innovation can only happen through an open and collaborative approach,” said Samsung in a press release. Samsung also remarked that it had offered blockchain ecosystem accessibility with its extensive Samsung Blockchain software development kit (SDK). Thanks to Samsung’s blockchain SDK, developers could establish DApps that manage blockchain accounts efficiently. The blockchain SDK could also carry out transactions and transfers using dedicated application programming interfaces.
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