You may be asking what a Blockchain phone is, or probably if you need one. The blockchain industry or market has seen massive expansion and adoptions from various tech giants, financial service establishments, governments, and private institutions.
A Blockchain phone is a tiny step towards the decentralisation of the web. There are many buzzwords in the crypto space, but if you can sieve the chaff, you will see the underlying potentials of the technology.
An excellent case in point is the advent of the blockchain phone. Like a whirlwind, several blockchain-focused Smartphone is hitting the market, or will soon at best.
What To Expect
This piece intends to inform readers about what to expect from Blockchain phones. It allows you to control and holds your digital identity and data.
Further, experts believe these Smartphones emanating out of DLT is about fixing the internet. Big companies like Facebook and Google have access to our data by virtue of using their platforms.
Therefore people don’t own their data, which means we are at the mercy of these tech companies. The worrying reality is that these data are stored centrally, and it is vulnerable to security breaches.
It is this anomaly Blockchain phones are going to fix. The era of tech giants selling data to advertising outfits without sharing revenue with data owners is coming to an end.
More importantly, the ability to control your data is a feather in the cup of security and privacy. When we have access to the private keys of our data, we choose to share it with whoever we want.
The introduction of Blockchain phones is the gateway to the decentralised web or web 3.0. Blockchain technology and similar technologies will support decentralised applications, just like the ones we use today in mobile apps.
Taking Smartphone To Blockchain
At the moment, the most significant player in the Blockchain phone market is Samsung. The tech giant confirmed in February 2019 that Galaxy S10 would include a secure storage system for cryptocurrency private keys.
Last month, KlaytnPhone was launched in South Korea, and it features the same hardware as other Galaxy Note 10 phones. By doing so, Samsung joins HTC in the production of Blockchain Smartphones.
Many big tech companies have taken the cue from Samsung to incorporate blockchain-related services to smartphones. There is a report that LG has completed market research on dApp and blockchain providers.
They have also trademarked the “ThinQ Wallet” in the United States. According to Chosun in South Korea, LG is working on the release of a crypto-friendly handset to rival the product from Samsung.
At the same time, HTC is also set to unveil the second version of its Exodus handset. Moreover, Apple is looking into the potential of the blockchain phone market.
Jennifer Bailey, who is the Vice president of Apple, said in September that the potential of the blockchain phone market is long-term. In June, the company unveiled the iPhone CryptoKit at the Apple Worldwide Developers Conference.
For some time now, Apple has been developing the protocol that could become the foundation of a smartphone crypto ecosystem. Such moves could allow developers to embed cryptographic operations into their mobile apps.
In China, Sina has developed a SIM card-based blockchain digital asset management system. In the coming years, the high-speed, security, multi-application, and low-cost 5G blockchain phones will create substantial market opportunities for businesses.
World’s First Blockchain Phone
As the leading Smartphone tech giants are building great blockchain phones, there are small manufacturers of blockchain-powered mobile phones. On September 10, Pundi X, a Singaporean company, unveiled the Blok on Blok, which the company claimed is the world’s first true blockchain phone.
However, unlike some of the blockchain mobile phones that differentiate themselves with wallet software, Blok on Blok moves the core phone functions to the blockchain. With this approach, mobile phone users have two choices.
Users can choose between the traditional methods of making calls through a cellular network, or through the secure process of making calls on-chain. The latter prevents any third party from accessing user data.
Then again, Whole Network, a subsidiary of Huobi Global likewise launched the Acute Angle Blockchain cellphone and is hoping to come to the market with a 5G version. It comes with features like trade notifications, a dApp wallet, cold-wallet and a node.
The blockchain phone market is full of excellent prospects. The competition will force other major players to offer blockchain phones to their customers or risk being left behind.