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South Korea's Samsung Electronics Co. will release variants of its latest flagship phone aimed at promoting the adoption of blockchain technology, according to people familiar with the matter. This new technology, which has confused many consumers, is still a very difficult task to promote among consumers.

Samsung enters blockchain mobile phone group

Samsung’s new mobile phone Galaxy Note 10 is based on the Korean blockchain platform Ground
X named after Klaytn. The mobile phone will have blockchain applications and digital currency wallets installed. Buyers will receive a certain amount of a new digital currency called “Klay”. The phone will go on sale on Thursday, only in South Korea.
  
Its hardware specifications are the same as those of the existing Galaxy Note
10 is no different but will come with blockchain applications and crypto wallets. Purchasers of KlaytnPhones will also receive a certain amount of Klay, the Klaytn blockchain’s native cryptocurrency. It sells for about $1,000.

Its hardware specifications are the same as those of the existing Galaxy Note
10 is no different but will come with blockchain applications and crypto wallets. Purchasers of KlaytnPhones will also receive a certain amount of Klay, the Klaytn blockchain’s native cryptocurrency.

Earlier it released a series of tools to make it easier and cheaper for developers to add new features to their Galaxy S10
Build decentralized applications (DApps) on smartphones - only supports the Ethereum blockchain. The move is further evidence that the electronics giant favors Ethereum over other blockchains. The new SDK (Software Development Kit) will give more developers access to Samsung's Galaxy series of smartphones, which have been upgraded accordingly.

Other series of Samsung smartphones will support Ethereum development in the near future. Samsung said developers will be able to better manage blockchain accounts, streamline transaction processes, more conveniently estimate fees using real-time crypto exchange rates, and provide a payment gateway for cryptocurrency remittances. To use this payment solution, DApps need access to Samsung Keystore, a device-level private key storage system housed within its security layer, Knox. The company explains that the new SDK now "links users not only to the Samsung key repository, but also to external cold wallets."

KlaytnPhone is Samsung Electronics’ most in-depth attempt at blockchain business to date. A Samsung Electronics spokesman declined to comment. Software engineers using the Samsung Keystore SDK are able to take advantage of many features commonly used in applications such as non-custom Lite wallets. For example, Keystore will generate encrypted key pairs (public and private keys) on the device itself, while storing the keys in a secure environment within the mobile device.

"Samsung does not rely on other networks or third parties to generate these keys," keystore
The SDK specification for version 1.1.0 is displayed. All mnemonic phrases are compatible with the BIP-39 standard, allowing users to deploy recovery phrases on another device if their phone is lost or stolen. However, the company explained that sending signed transactions is outside the scope of Samsung and that sending signed transactions relies on its own nodes or public nodes.

Samsung’s blockchain ambitions

In addition to blockchain mobile phones, Samsung has already laid out multiple lines on the blockchain track and is trying to conceive of multiple business models in the future.

Samsung’s first blockchain investment started with the Internet of Things. In 2015, Samsung Group used its investment institution Samsung Venture Capital to follow IBM in investing in blockchain consumer equipment ADEPT, focusing on the Internet of Things.

In 2016, Samsung SDS, the IT subsidiary of Samsung Group, became its main player in the blockchain layout. Samsung SDS has successively cooperated with blockchain company Blocko, Korean Customs, Bank of Korea, and Dutch bank ABN
AMRO and others have created sparks, resulting in cooperation in the Internet of Things, finance, certification and other fields.

In 2019, Samsung finally impatiently directed blockchain technology to its leading business-smartphones.

South Korean giants attack blockchain

Previously, the Korea Herald cited a report from the South Korean Ministry of Science and Information and Communications Technology (ICT) that the South Korean blockchain market is expected to grow 20 times in four years, from US$44 million in 2018 to approximately US$887 million in 2022. .

Competition in the blockchain field in South Korea is becoming increasingly fierce. Giants want to be the first to occupy the emerging technology highlands, and the entry of giants into the blockchain has become a trend this year.

Blockchain has set off a "domino" effect. Not only South Korea, but also China, the United States, major manufacturers and even government departments around the world have set their sights on this emerging technology. Although most institutions are cautious, they are also eager to try out the fear of missing out on innovation and the future. They have repeatedly tested the edges of the blockchain, and may have even made deep plans in secret many times.