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Samsung Becoming Major Cryptocurrency And Blockchain Player

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Last week, South Korean technology giant Samsung unveiled its latest smartphone series, the Galaxy S20, at the Unpacked 2020 event in San Francisco. 

Samsung, which makes up 20.9% of global smartphone market share and last year sold almost 300 million phones. The newly launched Galaxy smartphone will come with the same crypto storage facilities found on previous models.

The new 5G enabled smartphones build on the Galaxy S10 ranges’ bitcoin, cryptocurrency and blockchain support, which last year was revealed to boast a built-in bitcoin and cryptocurrency wallet.

“We created a secure processor dedicated to protecting your PIN, password, pattern, and Blockchain Private Key. Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private.”

Samsung added support for cryptocurrencies in March 2018, when it integrated a wallet device into its Galaxy S10. In July, they introduced a developer kit that allowed third parties to create specially designed dapps for the phone. One such dapp allowed users to pay for goods and services in stored cryptocurrencies by scanning a merchants’ QR code. They added bitcoin support in August.

Users using Samsung devices with the Blockchain Keystore are able to store the private keys to their bitcoin and crypto wallets on the device. If bitcoin or cryptocurrencies are stored on a smartphone-based wallet that gives users control over their private keys it removes reliance on external exchanges.

Samsung Leads the World in Smartphones

Samsung shipped 295.1 million smartphones around the globe in 2019, taking a 20.9% market share, according to data from market researcher Strategy Analytics.

In 2018, Samsung claimed the No. 1 position with a 20.3% market share after shipping 291.3 million smartphones. The South Korean tech giant was followed by China’s Huawei Technologies Co. with 17%, Apple with 14%.

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