The Samsung Blockchain Wallet is an all-in-one service that provides a full suite of digital assets management features. Unlike traditional cryptocurrency wallets, the Blockchain Wallet doesn’t store any cryptocurrencies. Instead, it supports third-party hardware wallets. This means users can transfer their funds from one wallet to another with ease and flexibility.
Samsung Galaxy devices now have access to hardware wallets
Cryptocurrencies have increased their popularity in recent months as more people now buy, sell, and store various sorts of cryptos. Users choose hardware wallets to enjoy optimum security of their funds rather than keeping them on crypto exchanges or using hot wallets.
Korean tech giant Samsung has announced that its Galaxy smartphones now support third-party crypto hardware wallets. In its handout, the corporate said, “Samsung Electronics announced blockchain users can now manage and trade virtual assets from third-party wallets on Samsung Galaxy smartphones. The update makes it easier for blockchain users to access and process transactions by importing virtual assets stored on select cold hardware wallets to the Samsung Blockchain Wallet available on most Galaxy smartphones.”
With the Galaxy S10, Samsung is offering crypto owners a secure place to store their coins. The company partnered with blockchain service firm Blockchain Keystore, which manages cryptocurrency transactions. With the new Samsung’s Blockchain KeyStore, users can import and store cryptocurrencies in a cold hardware wallet, providing protection from hacking threats.
The company has been in the blockchain industry for two years. It first launched support for blockchain on its smartphones two years ago and has since continued to explore new business opportunities using the technology. With the Blockchain Keystore, users can share passwords or have a single login experience for their crypto wallets. Knox provides a secure, encrypted container for blockchain keys (private and public) to enable software and services on the device. The Knox keystore supports private key generation, storage, import and recovery for blockchain based cryptocurrencies such as Bitcoin.
The blockchain wallet support is out there on Android 9.0 or above
Samsung added that the blockchain wallet support is merely available on smartphones running Android 9.0 or above. One of the major concerns was that Bluetooth could be disabled if a virus or hack was created for other crypto wallets. The company also explained that Ledger’s wallet isn’t vulnerable to malware because of its secure element and will always function. However, the second concern was regarding the potential vulnerability of Bluetooth for attack with Android phones.
The update changes the core of your device’s security. It introduces blockchain-based security to provide enhanced protection for Samsung users and prevent new types of attacks that might emerge in the future.
The tech company said it might still support innovation within the blockchain space. The Samsung Blockchain Wallet currently supports Bitcoin, Ethereum, ERC tokens, Tron (TRX), and TRC tokens.