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Why Samsung Plans to Integrate Crypto Cold Storage in its S10 Series

Why samsung plans to integrate crypto cold storage in its s10 series

Why Samsung Plans to Integrate Crypto Cold Storage in its S10 Series


Samsung galaxy s cryptocurrency crypto
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According to SamMobile, the biggest online Samsung community, the electronics giant is planning to integrate a cold wallet system into its upcoming Galaxy 10.

Adnan Farooqui, the senior executive editor at SamMobile, wrote:

“After hearing about the trademarks for Samsung’s blockchain and cryptocurrency software, we decided to dig around a little deeper. We can confirm that the company is indeed developing one and that it may be launched with the Galaxy S10.”

Reasons Behind Crypto Wallet Integration

Since early 2018, Samsung, the largest conglomerate in South Korea that has dominance over many of the country’s major sectors including insurance, online payment, asset management, car manufacturing, electronics, and property development, has demonstrated its interest towards the cryptocurrency sector.

Dissimilar to other conglomerates in the local market, Samsung entered the cryptocurrency sector with a venture focused on Bitcoin mining, creating mining equipment from its foundry based in Suwon, South Korea to ship to international distributors.

Throughout the past several months, reports claimed that Samsung has been working with Halong Mining in China and Squire in Canada, but as of December, the partner distributors of Samsung’s ASIC mining chips remain unclear.

Samsung blockchain crypto

For over eight months, the company has been gradually increasing its mining business, and the cryptocurrency wallet sector seems to be the company’s next target market.

Samsung prefers to utilize and leverage its existing resources to expand into new emerging markets rather than creating an entirely new infrastructure to support it. The company established a mining equipment manufacturing business as a means to maximize the potential of its large-scale foundry and the company’s cryptocurrency wallet that is currently in development to be built into its popular Galaxy mobile phone series.

If the company is to enter the cryptocurrency exchange market, which nearly every major company in the country including telecommunications, gaming, financial, and insurance companies are involved in, it will have to build a new infrastructure from the ground up, similar to what Shinhan Bank has done with Gopax.

Instead, the company decided to utilize its existing line of products to help strengthen the infrastructure surrounding cryptocurrencies as an asset class.

According to SamMobile, if the wallet gets integrated into the Samsung Galaxy S10, users will be able to import their data from wallets such as MetaMask and Trust Wallet to transact natively with the mobile phone.

The publication reported:

“Samsung’s cold wallet app will enable users to import their existing wallets from third-party services like Metamask or TrustWallet. They will also be able to create a new one in the app itself. The cryptocurrencies and tokens supported initially may include bitcoin, Ethereum, Ethereum-derived token ERC20 and bitcoin Cash.”

Difficult Times For Hardware-Focused Businesses

Companies that dominate the global mobile phone market including Samsung, Apple, HTC, Huawei, and Oppo can easily integrate cryptocurrencies and provide native support for the asset class.

In the bull market of 2017, many projects raised hundreds of millions of dollars, and one — Sirin Labs — claims to have raised nearly $158 million in an initial coin offering (ICO) to create mobile phones with native cryptocurrency support to compete against the behemoths of the mobile phone market.

As companies like Samsung integrate cryptocurrency support, projects that focus on creating hardware could become increasingly irrelevant.

Images from Shutterstock

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Published at Thu, 13 Dec 2018 01:17:44 +0000

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Cardano Blockchain's First Use Case: Proof of University Diplomas in Greece

cardano use case

Greek graduates may soon be able to prove their qualifications by way of a blockchain.

GRNET, the national research and education network of Greece, is working on a pilot project with blockchain research and development company IOHK to verify student diplomas on Cardano, a blockchain that launched in September.

The project is notable because it is the first official use case of Cardano, a proof-of-stake-based cryptocurrency and soon-to-be smart contract platform currently under development by IOHK.

The GRNET app will be built on Enterprise Cardano, a private or permissioned ledger version of Cardano. Unlike a public blockchain, where anyone can join in and participate, a private blockchain allows only a restricted set of users to validate block transactions.

So far, three Greek universities are participating in the project. While IOHK is providing the decentralized database, GRNET is providing the web front end and support and will bring together other universities participating beyond the pilot.

Funding for the project comes in part from Horizon 2020, a European program for research and innovation. Development of the prototype is already under way, Aggelos Kiayias, IOHK’s chief scientist, told bitcoin Magazine.    

Why Diplomas?

Given IOHK’s deep ties with academia, it is no surprise to find the company working on a project that involves universities. But why diplomas?

Putting diplomas on a blockchain takes the paperwork out of the process and makes it easy and simple to check if someone holds a degree.

Typically, when a student graduates, they receive a paper copy of a diploma signed by the dean and co-signed the university’s registrar. All of the students’ transcripts and records are stored in the university’s centralized database.

To confirm that a graduate has the degree they claim to have, an employer has to check the official diploma or call the university. The labor-intensive process makes it too easy for unqualified applicants to slip under the radar.

Putting documents and records on the blockchain eliminates opportunity for fraud in that it allows graduates and universities to “issue a proof that a qualification exists that is undeniable,” said Kiayias. “This is a point of reference that can be agreed [on] by everyone.”

Cryptographic Proof

But to protect student privacy, instead of putting an entire diploma on the blockchain, GRNET plans to put only a cryptographic hash of a diploma on the blockchain.

Digital documents are easy to alter in ways that are undetectable to the human eye. But as long as the digital version shown to an employer hashes to the same output as what is stored on the blockchain, that proves the document is the original, unaltered version.

“We cannot put any plaintext on the blockchain, as diplomas and transcripts are personal information. We only put hashes; we may put entire diplomas and transcripts, but they will always be encrypted,” Panos Louridas, GRNET consultant and associate professor at Athens University of Economics and Business, explained to bitcoin Magazine in an email.

This is not the first effort to store diplomas on the blockchain. In October, MIT announced its own pilot project to verify digital diplomas using the blockchain.   

But Louridas claims the GRNET pilot is different from prior projects in that it stores the entire chain of verification steps on the blockchain. Each step would be recorded as its own immutable transaction on a separate block in the blockchain.  

“You don’t really need a blockchain to store diplomas: a simple system with some digital signatures by the host institution would do,” he said. “We want to be able to record that somebody has asked for proof of a degree, that the proof has been granted, that the proof has been forwarded to a verifier, and that the verifier can verify that the degree is valid, and nobody can dispute any of the above steps.”

The three Greek universities taking part in the pilot include Aristotle University of Thessaloniki, Democritus University of Thrace and Athens University of Economics and Business.


The post Cardano Blockchain's First Use Case: Proof of University Diplomas in Greece appeared first on Bitcoin Magazine.

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