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‘Blockchain KeyStore’, ‘Blockchain key box’ and ‘Blockchain Core’ are the names of the three patents that Samsung has filed applications for according to a report by Dutch tech news blog Galaxy Club. These requested patents clearly indicate Samsung’s intent to step into the blockchain industry. The three trademark requests relate to providing crypto custody services on smartphones.
Even as overall blockchain-powered cryptocurrencies have seen a downtrend throughout 2018, some of the biggest names in the industry such as IBM, Amazon, Walmart, and Unilever have placed their bets on the distributed ledger technologies and blockchain powered crypto assets. Samsung is just the latest in a long list of such big companies.
Galaxy Club also reported in the words of an unnamed source that Samsung might be planning to release some information regarding its plan to develop smartphones specialized in cryptocurrencies and blockchain technologies. In September, Samsung also signed a deal with Canadian bitcoin mining company Squire. According to the September deal, Squire will be handle design and manufacturing of new ASIC chips for Samsung’s operations.
These moves by Samsung indicate that the yearlong suffering of cryptocurrencies at the hands of a nervous consumer and investor base has not discouraged the South Korean tech giant. The news also further shows that Samsung believes blockchain and distributed ledger technologies to be the key growth factor in the coming years, which might come as more encouragement for the small-time investors who have stuck with cryptocurrencies and blockchain powered technologies so far.
Blockchain has truly seen its powers utilized in 2018 as cryptocurrencies saw a downtrend. Programs based on blockchain technology were built for the oil and gas industry by IBM, for food traceability by Walmart and for hosting technologies by Amazon. These steps by some of the most prominent names across a diverse industry are a clear statement of trust in the potential of decentralized digital applications.