Samsung becomes the latest big company to embrace cryptocurrencies in its products and business model. This follows its announcement to add Ledger Wallet Service on its Galaxy smartphones.
As a result, the Korean giant enables traders and users to process crypto transactions by syncing their cold wallets to the Samsung blockchain.
This is not all, as Samsung Galaxy Smart phones will connect to hardware wallets such as Ledger Nano S and Ledger Nano X. In addition, the protocol has a special feature for news and updates. Thus, Galaxy Smartphone users can easily import and manage their cryptocurrencies in a secure way.
Currently, the Samsung blockchain has a wide range of crypto offerings, including top cryptocurrencies such as Bitcoin, Ethereum, ERC tokens, Tron, and TRC tokens. In general, the blockchain allows users to interact with various dApps. Apart from storing cryptocurrencies, they can also keep their collectibles in the wallets.
There are already over 40 dApps connected to Samsung blockchain platform including social media and gamification software.
There is high security of transactions and storage of digital assets as a result of its defense-grade Samsung Knox security platform. With this technology the private keys and dApps are encrypted and separated from the smart phone’s operating system.
Security is further enhanced by a secure processor. In order to access encrypted dApps and private keys, Users use their owner’s PINs or fingerprints.
Based on its underlying principle of collaborative approach, Samsung offers developers the chance to build their own dApps on its blockchain ecosystem, through the Samsung Blockchain SDK. With this facility, developers can build dApps that perform different functions. For example with their dApps, they can generate and manage their accounts in a secure way.
In order to allow connections among blockchain systems, dApps existing on the blockchain enable easy transfer of assets using third party hardware wallets.
Many users trust the new Samsung protocol for several reasons. Apart from high security, it is convenient to manage different assets.
There is also high privacy, something we all desire. People can share files which are in read-only mode with a set expiration date on their accessibility. Thus, at any time the sender can retract the viewing rights from the receiver.
In addition, they can also easily set up Keystores and Virtual Asset Wallets. All these features create convenience and enable security of assets and documents.
This development where a business integrates the blockchain technology into its existing traditional business model, shows how smart contracts continue to hog the limelight and bring value to existing businesses.