Every day, there is a big wave of technological advancement, pushing the world towards a decentralized web. The Blockchain phone is one technological innovation featuring crypto-focused smartphones. Technically, Blockchain is a list of transactions, or blocks, all within a peer-to-peer secure networking technology over which data can be exchanged anonymously between companies and also for personal transactions of customers.
When it comes to the transactions, the emergence of the cryptocurrencies has made digital transactions and asset acquisition now easily possible.
The Blockchain technology is the secure network that users will rely on to help secure their transactions smoothly with minimal cybersecurity threats. If you thought technology has already done too much in the world today, then you need to learn more about the Blockchain Phone.
Logic Behind Blockchain Phone Technology
The goal of these smartphones is to gradually result in a gateway to something called the decentralized web version of the internet (Web 3.0). This technology, along with others, has an agenda to come up with web applications that look and feel like mobile apps, even as pertains to cloud services like ottomatik.io. The idea is to decentralize power and control by stopping the applications from running on the private servers of big tech companies, and instead, run on public, peer-to-peer networks.
The primary purpose of Blockchain Phone is to combat the security gap that comes with cryptocurrencies. Ideally, when users transact with cryptocurrencies with their smartphones, they are dealing with an onboard wallet with sensitive cryptocurrency data that can be difficult to safeguard. With smartphones, there is always a connection much more than USB, either via cell, Wi-Fi, NFC or Bluetooth, that can compromise the security cryptocurrency data, unless the phone is in flight mode, which it can’t always be.
Biggest Players in the Blockchain Phone
The technology is not that popular yet but two of the biggest giants are working on it.
As it is right now, the most significant player in the crypto-focused smartphones is Samsung. The giant brand has had a lot of new features launched in their devices. Early this year, they confirmed that the Galaxy S10 would include a secure storage system for cryptocurrency private keys.
HTC’s Exodus 1 is also coming out strongly as an Android phone that can mine cryptocurrency, flaunting a unique feature, social key recovery. This tech brand allows users the freedom to entrust their social keys with some of their peers. Essentially, people can choose a small group of contacts and give them bits of their social keys.
Upon losing the social keys, the users will have to recover them piece by piece from the different persons. It is not to mean that this device does not function well like others. In fact, it offers the same functionality as any other Android phone, but with an additional locked area, that’s protected from Android’s insecurities.
Both these brands are on to a significant concept of transitioning customers into the crypto-world with odds of success. HTC can be accessed online, and while Samsung will be much more available in the market than HTC, it comes with a hefty price tag starting at $900.
Overall, Blockchain technology has not quite been user-friendly for consumers who are not exactly tech-savvy. This means that there would still be a lot of challenges with the cryptocurrency transactions. It is why the Blockchain Phone gurus are working on coming up with cryptographic key management for users, which has not been easy. If a user loses the keys, then they lose all their assets. The technology is still going through phases of change, advancements, and improvements.
In the end, both cryptocurrencies and Blockchain are technologies we need to embrace wholly. As advancements continue, enthusiasts will appreciate the Blockchain Phone that will allow mining on the phone with the utmost security in protecting the cryptocurrency data from being compromised by cybercriminals.