If you are familiar with cryptocurrencies, then the term blockchain is not an alien to you. It is the underlying technology for most of the virtual currencies including Bitcoin, Litecoin and Dashcoin among others. In the crypto world, blockchain is the distributed and decentralized ledger, which logs and stores information about all transactions without the need for a central authority like a bank. Since the launch of Bitcoin, industries have realized the potential of blockchain technology across various applications in their niche. Today, blockchain applications range from inter-organization data management including mysql backup systems, online voting to digital assets management. It ensures transparent and secure digital relationships, while simplifying processes, saving costs and reducing transactional errors.
But have you ever thought of a blockchain smartphone? Does it even sound real? How does it work? This article will explain everything you need to know about the blockchain smartphone.
All you need to Know About Blockchain Smartphone
The smartphone industry has become very competitive with every manufacturer working on new hardware and software features to ease the competition. One of the latest developments in the mobile phones market is the integration of blockchain technology. Manufacturers have unlimited possibilities of implementing blockchain innovations in mobile phones. Today, blockchain smartphone is no longer an idea, but a ready product in the market. Several companies have taken different approaches to make blockchain-enabled phones. Below are some of the leading examples.
Blockchain Smartphones in the Market Today
1. The Finney Phone by Sirin Labs
Inspired by the need to bridge the gap between the mass market and blockchain economy, the Finney phone runs on Sirin OS to provide a secure mobile platform to manage digital assets. This Android-based OS offers a number of features:
● Cold storage wallet – a secondary 2.0″ touch screen that slides from the rear to turn on the cold crypto wallet. It facilitates a secure transaction by terminating any unencrypted communications and blocking access to digital storage.
● Encrypted Communications – including text, emails and VoIP messages.
● P2P Resource Sharing – Data files and connectivity.
● Extra Security Options – multi-factor authentication including biometric (voice, face unlock and fingerprint), pattern lock and behavioural.
● DApp Store – compatible with applications built on other platforms such as EOS, NEOs and Ethreum among others.
2. XPhone by Pundi X
The XPhone works Pundi X blockchain, Function X, and serves as a native blockchain device focusing on payment options. Some of the interesting features are:
● Function X platform – Each Xphone is a node on the blockchain network with connectivity and data packets organised in a P2P and distributed manner. Users can operate without the need for a centralized telecom operator.
● Communication and Resource Sharing – the phone can send text messages, make calls and also enables P2P file sharing over the Function X blockchain.
3. HTC Exodus
The HTC Exodus a blockchain phone that offers secure storage for cryptocurrencies such as Bitcoin and Ether, as well as enables users to carry out crypto operations. The phone provides a secure mobile ecosystem for crypto wallet and transactions with an aim to expand the blockchain economy. Some of the exciting features include:
● Trust Zone – ARM chip’s secure territory, fully encrypted and separate from the Android OS to offer a safe digital space for blockchain transactions.
● Built-in Cryptocurrency Wallets – wallets to store cryptos allowing users to manage their digital currencies without having to install an external app.
● HTC’s Zion Wallet – the phone operates as a hardware wallet.
The Future of Blockchain Smartphones
The above 3 blockchain-enabled handsets offer a secure mobile platform crypto wallets, encrypted communication through a distributed network and access to decentralized services. Besides, users have the option to bypass centralized telecom operators.
While there are only a few known projects for blockchain phones, this is only the start with greater innovations expected in the near future. There are signs already:
● HTC announced plans to release the second generation of the blockchain-powered phone in 2019 according to Taiwan News. The native blockchain phone will allow users to keep their own keys as well as private data, eliminating third-party storage services such as Exchange and Apple.
● Electroneum launched a cheap Android phone, M1, with the ability to mine cryptocurrencies.
● In early 2019, Samsung confirmed that Galaxy S10 will feature a crypto private keys storage.
● Huwaei is rumoured to be holding talks with Sirin Labs to use their OS to build a phone that will run blockchain enabled applications.
With global handset giants showing interests in this new industry and the potential of the blockchain technology, we can only think of blockchain-powered phones as the future of telecommunication. The shift by handset manufacturers will also transform the mobile software industry.
Blockchain smartphone is already a reality, with three phone companies taking the lead into the green market. However, this is just the beginning and with the potential of blockchain technology, we expect other brands to all suit. Another guess would be additional blockchain-enabled phone capabilities and features that facilitate distributed services beyond cryptocurrencies.