Samsung, the South Korea-based electronics company, caught the world off-guard when it announced that it would be making a push on cryptocurrency and blockchain technology.
Locked in its fierce global battle with smartphone giants Apple and many other rivals, Samsung separates itself from the pack with its unexpected gamble on blockchain technology. Despite being one of the world’s leading smartphone sellers, Samsung maintains its focus on getting a competitive advantage with groundbreaking update features like foldable phones and 5G. It is a given that people want to have faster internet with 5G, but it is yet to be proven if they wish to have phones that can transform into tablets.
Samsung Differentiates From Competition with Blockchain Keystore
Samsung’s decision to dip its toes on blockchain technology is a surprise to many, but its effects can be beneficial. The introduction of Samsung Blockchain Keystore and the Galaxy s10’s crypto wallet are ways where the technology conglomerate can separate itself further from its smartphone rivals.
Samsung believes in the potential that blockchain technology shows, which is why the S10 phone contains a section for “Token Transfer.” The device’s Ethereum wallet already features ERC-20 tokens like Basic Attention Token and Enjin Coin. Soon, Samsung smartphones can support all ERC-20 tokens in the crypto wallet.
Crypto in South Korea
Initial Coin Offerings (ICO) remain without regulation in South Korea, but cryptocurrency exchanges are already flourishing. The country is leading in cryptocurrency adoption with around 30% of its workers already participating in cryptocurrency trading or owning. Moreover, the South Korean government is preparing a three-year plan to invest more than $1 billion on blockchain technology.
Other smartphone giants may follow Samsung’s footsteps in the gamble on blockchain technology to avoid getting left behind. The millennials and Generation Z are trying to get into the cryptocurrency industry, which makes sense for Samsung to get into the current crypto trend people are in now.