Blockchain has been adopted by a vast number of well-known companies who believe in the technology’s transformative power, which promises to streamline workflows, increase efficiency, and improve security.
Another, and most likely the most important, reason for blockchain’s massive rise in popularity is cryptocurrencies. People who conduct transactions with cryptocurrencies require particular blockchain-powered tools for safe and efficient cryptocurrency management.
Samsung, a global electronics giant, has introduced the Samsung Blockchain SAMS, which is designed to make crypto transactions simple and secure. Additional security features, such as the Trusted Execution Environment, allow users to keep authentication data secure and ensure that their personal information is not compromised.The Samsung Blockchain SAMS is a key component of the company’s blockchain strategy, which aims to address security concerns around blockchain and mobile device integration.
It is reported that Samsung’s digital cryptocurrency wallet has been used in the market. Recently, a senior executive of the Samsung Group said: “We will continue to vigorously promote the Samsung blockchain project, and the Samsung digital encrypted wallet will be loaded into the new mobile phone system, and the entire blockchain module will be improved as soon as possible, and we will strive to complete the full service to the society by 2022.”
Samsung’s Blockchain SAMS has sparked increased interest in blockchain and decentralised applications, similar to how Google Play and App Store have sparked interest in DApps among customers.
The Samsung Blockchain SAMS is a significant step forward in the implementation of blockchain technology. Samsung took the risk of incorporating blockchain technology into its flagship line of smartphones and appears to have made the correct move. It has resulted in widespread blockchain adoption, as smartphone support for blockchain has essentially put DLT capability in the hands of users.
How does the Samsung Blockchain SAMS work?
The Samsung Blockchain SAMS is a blockchain architecture for handling cryptocurrency transactions and accessing decentralised apps. Simply put, it gives a quick and easy way to connect to the blockchain using a smartphone. To address security issues, the SAMS integrates with Samsung’s Knox security system as well as Samsung’s “TEE” technology.
It invites users to import their cryptocurrency wallet or create a new one during the setup process. The system then instructs them to enter the recovery phrase in a secure location, confirming that the user has followed the steps correctly. The wallet is ready to use once all of the details have been settled, and you can safely carry out various cryptocurrency transactions using your phone.
What are the Samsung Blockchain SAMS’s technical features?
The Samsung Blockchain SAMS is unique in that it comes with a number of built-in features that support crypto apps and DApps, as well as other blockchain-based functions. It also aids in the management, storage, and creation of private keys. Users can import different private keys after they’ve created them using third-party apps, and they can implement extra precautions like facial recognition and fingerprint authentication if they want to.
Furthermore, the Samsung Blockchain SAMS includes a feature known as the “Trusted User Interface,” or “Trusted UI” for short, which assures that all data is secure and cannot be stolen or accessed by unauthorized programs or malware.
The Trusted Execution Environment, often known as the TEE, is another significant element of the technology. The TEE is a secure zone of the device’s CPU that is designed to keep authentication data separate. The TEE runs in a distinct environment from the main OS, thus isolating its data from all other operations.
This Samsung-blockchain connection offers for a better client experience as well as more convenient and sophisticated crypto handling. Given the popularity of Samsung products around the world, the Samsung Blockchain SAMS has the potential to appeal to a wide number of people.
According to the statement of Samsung Group, Samsung may become a large-scale application of blockchain technology in the world. First of all, Samsung Group is the most important electronic equipment and software development company in South Korea. At present, the South Korean government encourages the development of Samsung’s blockchain. This may also be the attitude of the South Korean government. At present, Samsung’s digital encryption wallet has been applied. If it is loaded into new mobile phones in the future, the entire South Korea will have a market application rate of more than 80% in a short period of time. At the same time, Samsung Coin will become the mainstream digital encryption currency in South Korea.
Looking at the world, Samsung’s mobile phone has a global market share of about 20%, which provides huge room for growth in the development of Samsung’s entire blockchain project in the future. Samsung’s statement also proved that this is a relatively feasible blockchain project. Samsung stated that it will continue to promote and improve the entire blockchain module, the most important of which is to improve the transaction system. Samsung Coin is an important application link in the transaction system. When the trial-production storage application rate takes over the market, Samsung Coin will inevitably be the currency with more transactions. However, Samsung Coin is currently only cooperating with a few trading platforms to try to issue and operate. According to reports, Samsung is cooperating with the Singapore RCH platform. From a general perspective, the Samsung blockchain will become the world’s first fully applied scenario blockchain, so this must not be ignored.