Tech Giant Samsung is on Crypto Space, What’s Next?

Tech Giant Samsung is on Crypto Space, What’s Next?

The use and advantages of bitcoin and other related cryptocurrencies are being accepted globally as a secure and easy way of payment. In fact, largest tech giant including Facebook and Samsung are also getting themselves engaged with the space to grab its benefit. There is a huge possibility for Samsung, which is a South Korean multinational conglomerate headquartered in Samsung Town, Seoul founded by Lee Byung-chul in 1938 as a traditional company, to become the largest drivers of bitcoin, crypto and blockchain adoption.

At present, bitcoin traders, investors and companies are currently highly focused on bitcoin halving, which happens once in four years can have long-term effect on the price of BTC. Samsung is adopting a way like they are putting the power of bitcoin, crypto and blockchain in people’s hands. As every year, Samsung, which has a powerful influence on South Korea’s economic development, revealed its latest Galaxy smartphone range with its new flagships the S20, S20+ and S20 Ultra models. Bitcoin, cryptocurrency and blockchain support are kept as built-in in these smartphone to boast a built-in-bitcoin and cryptocurrency wallet.

Samsung said their secure processor will protect your PIN, password, pattern and Blockchain Private Key. According to them security is infused into every part of your phone from hardware to software. Keystore, Samsung’s so-called blockchain, included the support for ethereum and other ERC-20 tokens. Samsung users can store the private keys to their bitcoin and crypto wallets on the device. Samsung focused on ensuring high control on private key so that it remains safe and secure from theft and hacks.

Though bitcoin and cryptocurrency have faced some issues recently, even then experts are assuming the use of cryptocurrencies will be increased in 2020. It is expected that, technology and user experience developing by tech giants will expected to help crypto industry drive adoption. On the other side iPhone-maker Apple said they could follow in Facebook’s footsteps and create its own cryptocurrency. Bakkt, an Intercontinental Exchange-backed Bitcoin and crypto platform, said it would launch a consumer app for cryptocurrency purchases in 2020.

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