Cryptosystem News – Samsung launches its Blockchain Wallet:
Samsung has been planning to launch such an application for quite some time. And now the company has been able to create a fairly secure solution for its users. Such a cryptocurrency wallet, Blockchain Wallet, is built into the Samsung ecosystem and into the security perimeter levels of the devices. The development is so far available for Galaxy series smartphones.
Read more about Samsung Blockchain Wallet:
This app is designed only for devices running the Android operating system. That is, according to the enhanced security of the application developed by the specialists of the company, access to the encrypted keys can be carried out on two main options. That is, of course, by PIN-code and fingerprint.
Prospects for the technology:
Of course, it is difficult to consider such protection as a panacea. However, the presence of two encryption systems is interesting. If we consider the fact that the main protection of Samsung smartphones is based on Knox, which has its own encryption – then this, respectively, will clearly make life more difficult for those who try to access the wallet data.
At the same time, analysis of the application reveals that there is also access by fingerprint. And that’s a whole other level of security. The thing is, a fingerprint is a fairly stable piece of information.
If you do not take into account users who use any exotic fingerprints (e.g., toe, pet nose and the like), then if there are databases with fingerprints gaining popularity and are often part of the public policy of many countries in terms of digital passports and driving licenses – then this is a potential security breach.
And the PIN is, of course, also questionable. A smartphone password would be much more effective. That is, we need to use an additional option in Samsung Knox with a full-fledged password…
About cryptocurrency statuses:
Historically, all cryptocurrencies (and they are already approaching 7,000 names) are actually out of financial systems. The volume is estimated to be up to $2 trillion. The global world economy considers them only as investment options, which have no clear link to a real permanent location in the economy with clear prospects.
They cannot be considered neither as assets nor as long-term investments – until there is at least some stability and uniformity in interpretation of their official legal circulation at the global level. That is, while some countries introduce cryptocurrency at the state level, others prohibit its mining with the prospect of ownership and settlement…
Company Samsung is certainly right to expand its product base. As part of the digital ecosystem, such a move is justified. And the future will show other aspects.