It is now official Samsung stated that their brand new phone the Galaxy A Quantum will be launch on May 22. If this news seems to be anodyne it's actually a huge change in the phone and electronic devices business, first because it's the first phone supporting 5G in the world and second because it uses an authentication function link to a blockchain.
More and more news indicate that big investors and companies see cryptocurrencies as the future of our economic system. So the fact that a mega-enterprise like Samsung decided to use a blockchain system that you can find in the current cryptocurrencies confirm this massive growing interest for cryptocurrency. Let me explain you what Samsung developed and why it is such a big move for the cryptocurrency world.
1. What Samsung managed to developed with their brand new phone and how it works :
In a week Samsung will release this Galaxy A Quantum, it has been created in collaboration with SK Telecom, a South Korean mobile operator, as a result it will be a South Korean exclusivity at first for $530. If this jewel of technology is the first to support 5G, it also uses a mobile electronic authentication function based on blockchain technology called Initial.
Basically, Initial is a blockchain wallet allowing its users to store a lots of personal data and documents concerning their identity and their activities. It includes identity card, assurances documents, employee badges, university cards and more, all this data are store, encrypt and their access is only possible with a decryption key. All the security that this kind of data requires is guaranteed with the blockchain system of Initial directly implemented in the smartphone.
2. How this idea came out and what it truly means :
Like I said previously in this article Samsung development this phone in partnership with SK Telecom, what is interesting about this is that both are members of a government-supported consortium that is currently working on a blockchain-based mobile identification platform. Others huge members also helped in this development like LG, KT the other major Korean mobile operator, and many banks around the country including the Binance Korean platform.
This advancement showed that the gain of popularity about cryptocurrency is stronger and stronger during these recent weeks. Especially on the Asian side who are probably the most likely to fully adopt a cryptocurrency in one of their financial system, China made a huge move with the creation of a numerical Yuan in response to the current crisis and South Korea also showed a certain interest for cryptocurrencies.
The Blockchain area is increasingly popular, it's actually not the first time that Samsung worked in smartphones link to a blockchain or supporting blockchain applications (collaboration with Klaytn for wallet and pre-installed blockchain applications). Basically because of the benefits offered by a blockchain concerning security, privacy and liability, a decentralized system like these blockchain attract more and more governments and companies, it brings them to rethink their current economic model.
All in all this proves that cryptocurrencies and their blockchains is bringing a new and interesting vision, it manage to seduce big companies like Samsung or FaceBook for example, and to a greater extent governments like USA, China or South Korea who are developing various cryptocurrency/blockchain projects.