According to latest reports, Samsung Electronics is working to include the blockchain and crypto functionality in its budget Galaxy smartphones models soon. It has already added a crypto wallet and blockchain-oriented features to its flagship Galaxy S10 smartphone and now it is hoping to tap into a less niche market and reach out to the masses.
The tech behemoth from Korea also plans to work alongside key telecom companies to create and use blockchain-based mobile identification cards (for the purpose of authenticating one’s identity digitally). It is also working in the field of local currency. The telecom operators that are working the most actively in this field include SK Telecom and KT, of Korea and chances are Samsung will work with either or both of these companies soon to expand its crypto interests.
The Korean tech giant also plans to cooperate with telecom companies in blockchain-based mobile identification cards (digital identity authentication) and local currencies. Currently, SK Telecom and KT are taking the lead in the digital identity authentication and local currency sectors, respectively.
In March of this year, Samsung Electronics added the crypto wallet to its mega launch, the Samsung Galaxy S10. When they announced the launch, it generated quite a bit of hype and crypto and blockchain enthusiasts all around the world celebrated the announcement, hoping that these forms of fintech would come into the mainstream with this move. Now, its recent decision to introduce blockchain and crypto-based features to its budget smartphones from the Galaxy range points to further chances of adoption.
Chae Won-cheol, senior managing director of the Product Strategy Team at Samsung Electronics’ Wireless Business Division made the following statement:
“We will lower barriers to new experiences by gradually expanding the number of Galaxy models that support blockchain functions. We will also expand our service target countries after Korea, the United States and Canada.”
Chae also added:
“We will develop technologies for blockchain-based identification and local currencies by partnering with telecom operators.”