Blockchain Smartphones: Are They Worth the Hype?

source: coinwire.com

The blockchain is something you’ve undoubtedly heard of but probably don’t really know what it is. If you do know what it is, feel free to skip the next section and jump to the one after. For those who do not and would like to expand their knowledge, this one’s for you.

What Is Blockchain?

When you whittle away the exterior, blockchain is a list of records — called blocks — that are linked together and contain a cryptographic hash of the previous block. It’s essentially a peer-to-peer (P2P) network with a distributed time-stamping server that allows data to be stored globally on thousands upon thousands of servers. In other words, it’s a kind of public electronic ledger that’s openly shared among users around the world, and each time a transaction occurs, an unchangeable record of it is created, time-stamped and linked to the previous one.

Despite anyone on the network being able to see everyone else’s entries, blockchain is secure by design and pretty much impossible to be hacked into because it can only be updated by consensus among participants. That is to say that in order for something to be modified, the entire network must first agree on that change. In this way, a blockchain is resistant to data modifications and represents a big change in the way information is shared.

The many advantages of blockchain technology, such as its transparency and accountability, and its success in the banking industry, is spurring other industries to join the game. Case in point, the mobile blockchain, and the smartphone industry.

What Is a Blockchain Smartphone?

source: zco.com

The idea of a blockchain phone has many people excited for a variety of reasons. For starters, having a phone that runs on blockchain means that breaches are a thing of the past. As it is, our phones are definitely not as secure as we’d like them to be, and there are usually dozens (or even hundreds) of applications on a typical smartphone that can compromise its privacy and security. Second, these blockchain-enabled smartphones can also lead to cryptocurrency wallets that offer an extra layer of security, and allow users to make and accept cryptocurrency payments to other devices.

Examples of Blockchain Smartphone Technology
Now that you know some of a blockchain phone’s benefits, it’s time to get acquainted with the phones bringing them to us.

Finney Blockchain Phone

First up is the Finney Blockchain Phone, which was announced last year by Sirin Labs as an open-source model that runs on the blockchain. According to its white paper, it’s going to run on Shield OS, Labs’ open source operating system (OS) that are designed “to support inherent blockchain applications, such as cold storage crypto wallet, secure exchange access, encrypted communications and a P2P resource sharing ecosystem for payment.” As such, users will be able to securely store cryptocurrencies on their phone and use it for payment, sort of like an Apple Pay or Google Pay.

BitVault

Also announced last year is BitVault, which Embedded Downloads is touting as the world’s first crypto communicator and blockchain smartphone. With a third-party Independent Multilayer Security (3IMS) feature that works with fingerprint recognition and iris scans, paired with other features like voice and video calling, messaging and document sharing that are protected with private blockchain, this phone is the epitome of security. A quick note, unlike a public blockchain that allows anyone to participate, a private blockchain required an invitation and validation.

Due to its high security, BitVault is perfect for government entities, financial institutions, police personnel, security companies, and pretty much any business or individual who needs more privacy. Because it runs on a completely different OS than your average smartphone, the apps you currently have won’t work on it and vice versa, and to create apps for it, developers will need to purchase a developer license.

HTC Exodus

Finally, we have the HTC Exodus, another smartphone based on blockchain technology that comes with extra security, encryption and cryptocurrency support. This blockchain phone runs on what HTC calls ‘DApps,’ AKA decentralized applications that are also based on blockchain technology, and information from them is verified by users on the network. Each Exodus will also act as an encrypted node on a blockchain network, which essentially makes it VERY difficult to break into, and offers a native cryptocurrency wallet that lets users make and accept cryptocurrency payments to others.

source: gsmarena.com

Final Thoughts

To answer the question posed in the title (are blockchain smartphones worth the hype?), they most definitely are if you value your privacy and security and would prefer not to worry about people with nefarious intentions getting their hands on your data.
Enjoy!

Posted in: Tech Current Affairs