According to a recent report by IT Chosun, LG is rumored to be working on its blockchain-powered smartphone to rival Samsung’s Klaytn. The report cites an industry source who is revealing that LG has been devoting its resources towards research. Such research efforts focuses on decentralized applications (Dapps) and other blockchain applications. LG has also planned out meetings with local Dapp developers. There has been no official announcement from LG yet, but the company’s interest in blockchain technology can be linked to the development of blockchain-powered smartphones by its competitors.
Why Blockchain-Powered Smartphones?
Phone manufacturers are starting to look at blockchain-powered smartphones for a variety of reasons. Some smartphone manufacturers are interested in creating a safe and secure mobile environment for using digital wallets while others are looking at using blockchain to build better encryption and communication systems for mobile devices. Blockchain integration could also allow for the creation of additional decentralized services like cloud storage or allowing users the option of accessing other distributed networks which may offer services similar to regular network providers.
Whatever the case may be, blockchain-powered smartphones aren’t just a ‘fashion trend’ in the smartphone industry. They bring unique advantages to the table. It could usher in a new era of decentralized mobile services and applications for its users. These innovative blockchain features can tremendously improve user experience. In turn, this could lead to broader adoption of blockchain technology within the smartphone industry.
What is currently on the market?
While LG might be a potential newcomer to the blockchain smartphone market, there are already a few other smartphone manufacturers that have dabbled with the technology. For example, Pundi X developed a blockchain phone called the XPhone. This device was built to improve financial inclusivity by promoting the use of cryptocurrencies for day-to-day transactions. The XPhone runs on a blockchain known as Function X, and it also comes with an inbuilt digital wallet. Optionally, users can decide to bypass centralized telecom providers and utilize the Function X network instead.
Another blockchain smartphone recently released was Finney which was developed by Sirin Labs. Finney runs on an Android OS. Its blockchain integration allows for additional features like improved computational power, P2P resource sharing, encrypted communication system, and integrated cold wallet storage. However, the smartphone industry began to pay attention when famous Taiwanese smartphone manufacturer, HTC released its blockchain smartphone, Exodus last year.
According to HTC, Exodus was explicitly tailored to fit the needs and requirements of blockchain enthusiasts and cryptocurrency owners. The phone supports Bitcoin and Ethereum networks. It also comes with a secure universal wallet which allows its users to store their cryptocurrency. HTC capitalized on the libertarian ideology of most cryptocurrency users. It promises that Exodus allows its users to own, manage, and control their data which is stored directly on their phone, not on the cloud.
Samsung’s Klaytn Phone
Shortly after launching its flagship phone last month, the Galaxy Note 10, Samsung announced the release of a limited edition dubbed ‘the Klaytn Phone.’ To create the Klaytn phone, Samsung teamed up with Ground X, a subsidiary of the chat app company, Kakao. The Klaytn phone comes with five preloaded Klaytn Dapps and a cryptocurrency wallet all powered by the Klaytn blockchain network. The phone will offer support for its native Klay tokens. In addition, it supports transactions dealing with all other major cryptocurrencies. Samsung has stated that each Klaytn owner will receive 2,000 Klay tokens; however, a standard exchange value for these tokens remains unclear for now.
The Klaytn phone is a huge positive for the blockchain and cryptocurrency community. Samsung is currently the number one phone manufacturer in the world. It is only a matter of time before other popular smartphone manufacturers follow suit. Considering the millions of smartphone users worldwide, this could lead to widespread adoption of blockchain technology on a scale not seen before.