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Over the years, Samsung has proven to be especially concerned with bringing innovative solutions to our fingertips. That’s right. And this time the company plans on taking their payment app, Samsung Pay, up a notch by equipping it with the ability to store cryptocurrencies. The tech giant filed for a crypto-related patent in 2018 and hopefully will be including a crypto wallet application – Samsung Blockchain Keystore – to the soon-to-be-released Samsung Galaxy S10.
This is an additional edge to the security offered by blockchain technology as mobile wallets offer more security options compared to storing cryptocurrencies on other devices such as laptops and desktops.
The key distinguishing factor is the Trusted Execution Environment (TEE) incorporated into mobile phones with the ability to store cryptocurrencies. The TEE drastically reduces the risk that comes with losing your private keys during a crypto transaction. Although blockchain technology is safe and transparent, the private keys hold the power and rights to a digital coin. The block is a mesh of millions of coins owned by different users. The private keys are the only way to distinguish between users’ coins.
Each user has a unique key that is more like a signature to all of his virtual coins. Should that key go missing by any means, that user lost the right of ownership of the coins and whoever holds the key wields the power to control how the coins are stored and spent. This makes it crucial to store cryptocurrencies only in sophisticated mediums that are well adapted to protect each user’s coin. And that is exactly what mobile phone wallets such as the one we all anticipate to see in Samsung Galaxy S10 is designed for.
Smartphone-based TEE is designed to function separately from the Android device. It comes with its special storage memory to ensure maximum security even when the smartphone is compromised. An override or worse, a malware infection can never find its way into the wallet as the only key to accessing it is through an API that interacts with the trustlets running on the TEE. This makes it a tight security for hackers or cybercriminals to gain access to. Samsung is doing even more by incorporating additional protections to the already security-tight wallets. You can’t be too safe, right?
Convenience spiced with top-notch security give smartphone-based crypto wallets all the edges it needs over other stores of cryptocurrencies. However, this holds true if you are looking for a short- or medium-term storage. Hardware wallets are your best bet for long-term storage.
This is, indeed, a welcome development as it will help bolster the cryptoverse by pushing it further towards the mainstream.