Samsung Designs New Chip to Secure Crypto Transactions

Samsung Designs New Chip to Secure Crypto Transactions on Smartphones

Samsung Designs New Chip to Secure Crypto Transactions on Smartphones…

When industry giants start getting involved in cryptocurrencies, it’s officially time to get excited. Samsung, the popular electronics company has shown that it really cares about the crypto industry. It has come up with a new security chip that would be embedded inside smartphones. It is made with one purpose in mind and that is security.

Industry veterans know just how important security is. It can define whether or not there is mass adoption of cryptocurrencies in the general public. Companies that were born inside the crypto industry already have some popular solutions for this. However, the addition of Samsung to that list is surely going to make heads turn. This might launch a full-blown cycle where other industry giants start making products for crypto as well.  With smart phones making Bitcoin and crypto more accessible, we may see a change in easiest ways to acquire cryptocurrency other than Cryptocurrency exchanges.

Samsung’s Smartphone Solution

It is pretty known by now that people prefer convenience over security. At least when smaller amounts are concerned that are used in day to day life. However, from the perspective of these companies, security matters more. So, they are innovating in such a way that security is established while making sure it doesn’t hinder convenience. The crypto smartphone wallets are one example of this.

Of course, hey aren’t as secure as hardware wallets, but they are secure enough for day to day use. People can easily use hardware wallets for long term storage and software wallets for general use. However, smartphones are prone to hacking and other attacks. Therefore, there was a need for making sure cryptos are safe when stored in mobile phones.

Samsung has done exactly this. It has created a standalone turnkey security solution that secures cryptocurrency transactions. This is applicable to smartphones as well as tablets. Samsung made this announcement in a press release issued today. The way it works is quite simple and many other corporations have applied a similar technique.

Essentially, the solution includes a Secure Element chip and enhanced software. This hardware-software combo is what provides the required security. The chip has been specially designed to secure booting processes, isolated storage, and smartphone payments. It is these components that will enable users to use crypto instead of fiat in their daily lives.

What’s more, this new chip is certified with Common Criteria (CC) EAL 6+ security standard. This certification is pretty hard to get and is only available to the most sophisticated systems. The chip will be available to vendors in Q3 2020.

Samsung’s Love For Crypto

Samsung has been one of the first tech giants to show its love for cryptocurrencies. This is no surprise as South Korea is a very crypto-friendly nation. The company has also invested in multiple DLT startups and has integrated its own technology in its Galaxy smartphones.

The crypto industry now hopes that other tech giants like Apple start showing their interest in crypto as well. It is the involvement of companies like these that will finally take cryptocurrencies mainstream.