4 Ways Smartphones Are Embracing The Blockchain

Thursday, 12 July 2018

4 Ways Smartphones Are Embracing The Blockchain

Posted by Rahul Gupta
The blockchain is becoming ubiquitous. It’s changing the way we do things on a scale that was perhaps not envisaged by the collection of creators who originally saw it primarily as a control and management mechanism for digital currency Bitcoin. But a continually emerging stream of ambitious developers across the globe have sensed opportunities through blockchain that are opening up new avenues and taking everyday technology like the smartphone into tomorrow.
Smartphones are Embracing the Blockchain
Because blockchain has the potential to disrupt so many aspects of modern living, from banking and healthcare to secure communications, the Internet of Things and ride-sharing, it will also impact the progression and use of technology. Indeed, we’re already seeing how smartphones are embracing blockchain.

Blockchain Built In – A New Type Of Smartphone

The technology has advanced to the point where we’re now beginning to see blockchain-based smartphones. Sirin Labs announced the upcoming Finney, a smartphone that lets users store, manage and use digital currencies without the burden of transaction fees. 

Finney essentially cuts out the need to carry USB sticks to access digital wallets with everything stored in the device. The first of its kind, Sirin Labs’ innovation prompted HTC to announce its own blockchain-based Android smartphone called Exodus, which will feature similar functionality, including a universal wallet and hardware support for various cryptocurrencies.

Smartphones As Rentable Secure Personal Hotspots

A feature that smartphones could embrace as a result of blockchain’s enhanced security is a personal hotspot that can be rented out in exchange for digital tokens. It’s something Sirin Labs will include in the Finney. Smartphones are considered the best method of securing cryptocurrency wallets and this enhanced protection could be extended to other functions thanks to secure iris or fingerprint recognition as well as passwords. While renting your wi-fi service out isn’t constrained to the blockchain system, it could add value to the service by simplifying secure payments for allowing others to log into your personal hotspot.

Managing Your Digital Currency Portfolio Via A Smartphone

The rise of Bitcoin and other cryptocurrencies like Ethereum, Ripple and Monero has necessitated the need for easily accessible and user-friendly software allowing users to manage, store and buy/sell their digital currency. The smartphone has unsurprisingly become an efficient, effective and secure piece of hardware to support this. As a result, we’re seeing many apps offering the various features associated with owning your own digital currency portfolios such as wallets, robot miners, ICO notification and access tools, and exchanges such as Coinlist’s recommendation eToro.

More Reliable Communication

The smartphone is a modern day society’s go-to communication resource. We use it for everything, from emailing to accessing networked calendars, WhatsApp, updating our social media and checking the latest news stories. We might even make a phone call sometimes. 

Blockchain’s potential in the future could unify communications, making them more reliable, faster and safer. Emails, call notifications and system alerts traditionally use an automated non-critical and asynchronous system, whereas blockchain could implement authorized, bi-directional communication in a less centrally constrained environment producing an immutable record.

Smartphones may currently embrace blockchain as a route to controlling a person’s cryptocurrency portfolio but the system offers developers new opportunities and could provide customers with a better, more reliable and secure communication device in future as blockchain disrupts various aspects of modern living.

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