Samsung is incursing into Blockchain, which has been the buzzword of the tech and finance industry over the last few years as the technology. Its main benefits stem from decentralization and transparency.
By distributing data across many computers rather than a centralized server, no single authority has control over the information. For these reasons, blockchain has promising potential across a variety of industries including finance, medicine, real estate, and entertainment.
There are a number of obstacles to overcome before blockchain technology becomes commonplace.
The trouble with Blockchain.
One of the major obstacles of taking blockchain mobile is, in the current environment. The main reason for this is security.
Access to a blockchain requires both a public and private key, or cryptic strings of characters. The strength and weakness of blockchain technology: it is impossible to access data in blockchain without the key, the key is a hacker needs.
Additionally, mobile DApps built for blockchain typically store private keys in their internal data storage, making them vulnerable to hacks; but Samsung is tackling some of these issues and pushing the envelope of mobile blockchain solutions.
Delivering Blockchain Solutions.
Earlier in the year, the company announced the Samsung Blockchain Wallet App, along with the blockchain-enabled flagship Galaxy S10. The main purpose of the wallet is to allow users to make transactions in cryptocurrencies.
This is all made possible through Samsung Blockchain Keystore.
Samsung Blockchain Keystore is a critical part of Samsung’s blockchain initiative and addresses of the key security concerns by blockchain.
Samsung Blockchain Keystore allows security-conscious users to treat their phones like a cold wallet, storing their private information in a dedicated secure zone.
Opening Doors for Developers.
The Samsung Blockchain Platform SDK will be announced at SDC19 and is a comprehensive solution that tackles two of the biggest obstacles in expanding the DApp ecosystem: security and the complexity of building a mobile-compatible DApp.
The new SDK not only allows DApps, many of which are web-based, the ability to seamlessly integrate their apps into mobile space. Here’s how the Samsung Blockchain Platform SDK is opening new opportunities for developers.
A Better Blockchain Experience.
A dedicated mobile DApp browser is kicking down the mobile door for developers. Users will no longer need access to a desktop or laptop to make cryptocurrency payments. They will be able to use the applications right from their phones.
Support for legacy applications means developers can easily incorporate blockchain into any existing app. This ultimately allows users to make payments in cryptocurrency in their favorite applications.
Perhaps most importantly, the Samsung Blockchain Platform SDK is giving users peace of mind with improved security. With the integration of Ledger, users now have even more options for storing their private keys so they don’t have to worry.
Ultimately the Samsung Blockchain Platform SDK is a big step forward for both developers and users in the blockchain community.