Blockchain is turning out to be the game-changer for the smartphone industry. After Samsung and HTC, reports are showing that LG is now planning its foray into blockchain. Last week Thursday, Samsung launched KlaytnPhone, the latest edition of Samsung Galaxy Note 10 which comes with blockchain apps (dApps) and a cryptocurrency wallet.
In the same vein, Taiwanese electronics giant HTC is looking to release its second-generation blockchain phone by the end of this year, after successfully unveiling HTC EXODUS 1 last year.
LG May Release Crypto-Centric Smartphone Very Soon
South Korean giant Samsung, made a splash in the crypto industry last week as it announced the release of yet another blockchain-based smartphone, KlaytnPhone. In response to this news, LG is reportedly preparing to release its own blockchain-enabled phone after completing comprehensive market research as per a report by Seoul-based news outlet, IT Chosun.
An official at LG, whose identity was not revealed, spoke to the media outlet saying, “LG is likely to respond to Samsung’s innovation initiative.”
Interestingly, on July 2, 2019, LG filed a patent application in the United States for its electronic wallet, ThinQ which is designed to offer an array of services such as authorization and settlement services, financial services, computer software program for blockchain, and mobile electronic wallet for cryptocurrency.
Since LG is not overt about its plans for this new adventure, the date of release of its blockchain-based phone as well as any details about the features of the said phone is still unknown.
Watershed Moment: Samsung’s Latest Innovations Are Pivotal For Mainstream Adoption Of Bitcoin
Samsung is clearly looking to set new standards in the industry. In early 2019, Samsung made known that it was integrating crypto wallets into their Samsung Galaxy S10 smartphones.
Last week, Samsung launched KlaytnPhone, a revised version of Samsung Galaxy S10 in collaboration with Ground X, a subsidiary of South Korean based technology company Kakao Corp. According to a publication by the Wall Street Journal, this smartphone will be equipped with a crypto wallet, blockchain apps, and free KLAY tokens.
For bitcoin’s continued growth, it is very important for high-profile tech companies like Samsung to continue building within the cryptocurrency and blockchain ecosystem in order to facilitate more public awareness of cryptocurrencies.
Nonetheless, Samsung Is Not The First Mover
As aforementioned, over the course of the last couple of years, a number of technology behemoths -such as HTC and Sirin Labs- have adopted blockchain technology into their smartphones.
Launched in October 2018, HTC’s EXODUS 1 smartphones are devised to allow users to exchange cryptocurrencies such as bitcoin, litecoin, ethereum, and ERC-20 tokens, owing to the integration of Kyber Network’s liquidity protocol into EXODUS 1’s Zion vault wallet.
Switzerland-based blockchain smartphone startup, Sirin Labs developed the first-ever blockchain-based smartphone called Finney using its ICO funding. This smartphone has a cold storage wallet for cryptocurrency. Also, according to recent reports, it will possible for Bangladesh citizens to get their hands on Finney starting next month.
What About Apple Inc.?
From the comments of Apple Pay’s Vice president, we can safely deduce that Apple -Samsung’s other rival- may also make a long-overdue debut into the cryptocurrency industry in the near future. Speaking on CNN Business on September 5, Apple Pay’s Jennifer Bailey noted:
“We’re watching cryptocurrency. We think it’s interesting. We think it has interesting long term potential.”
In this regard, analyst Dan Ives of Wedbush Securities told CNN that Apple’s foray into the cryptocurrency industry “would be a major shot in the arm for crypto”.
The Bigger Picture
As the earliest application of blockchain technology, bitcoin is at a strategic position of greater adoption as these giant companies explore the blockchain industry. By adding support for cryptocurrencies, these firms inadvertently sign off on the crypto industry.
In fact, many are optimistic that very soon most smartphones will come with crypto wallets pre-installed in the factories as the nascent crypto industry continues to make great strides, case in point, Richard Heart, early bitcoin adapter and founder of HEX firm.
According to Heart:
“#Crypto will continue to grow. On ramps will get easier. Marketcaps will be far higher. Most people’s phones will have a wallet from the factory. You’re in early.”
Notably, the evolution of the cryptocurrency and blockchain ecosystem is prominently prevalent in Asia with US companies in danger of being sidelined.
However, as more and more renowned companies express their interest in crypto – not forgetting Facebook and its digital asset Libra– we can only hope for bitcoin’s (and altcoins’) price to soar in lockstep.