Samsung has applied for three blockchain related patents in Europe, leaving many to speculate that it’s working on a selection of crypto products for its next flagship mobile device. Blockchain mobile phones with built-in cold storage are becoming increasingly popular, so to become a dominant force in that market, Samsung could be looking to develop specific apps to carry out these services.
Recently, Sirin Labs launched its Finney blockchain mobile phone, and it sold more than 100,000 units in pre-sale. This news could have sparked the move from Samsung to stay on top of the mobile phone market.
Very Vague Information
At this stage in the application process, very little information is made publicly available – unlike US patent applications. This makes it rather difficult to ascertain exactly what Samsung is planning, but from these vague descriptions, the name of the patented product, and Samsung’s current relationship with the crypto industry, one can take a pretty good guess as to what’s coming.
Blockchain KeyStore is described as a software application to be used with a mobile device on the patent website. This information coupled with the name could suggest it’s some sort of secure app that will hold your private keys, allowing you to access your wallets using a biometric ID rather than your private key.
Blockchain Core is the second patent application from Samsung, and it has the same description on the form. Again, this information coupled with its name could suggest this is some sort of crypto wallet that lets you transfer money between other people who have the same app. It could also be used to cryptographically encrypt messages and documents, so they can be sent safely between parties. At this point, all information is speculative – so don’t quote us on this.
Blockchain Key Box
Finally, we have Blockchain Key Box. It has exactly the same description as the other two applications, meaning that it’s just another mobile app. Blockchain Key Box could be the system that allows users to securely input keys, then transmit them to the blockchain in order to retrieve wallet data. An app using a combination of these three patents would be very useful and would definitely help push crypto mass adoption forwards – especially if this app ships with all Samsung phones.
While Samsung is a little late to the crypto wallet game, if it manages to build a safe and secure crypto wallet then ship it on all of its mobile devices, it could quickly become the industry standard. Sony has created a contactless crypto wallet, meaning you can use your wallet just like a bank card. If it decides to put this tech into its next mobile phone, Samsung could have some huge competition on its hands.