Samsung Blockchain And Stellar Collaboration
TheStellarDevelopment Foundation (SDF), a non-profit organization that supports the development and growth of theStellarnetwork, today announced the integration ofStellarinto the Samsung Blockchain Keystore.
The integration will allow Samsung device users to be able to securely store the private keys associated with their Stellar blockchain wallet. This solves what has traditionally been a challenging part of the blockchain user experience which is the ability to manage private keys in a secure manner. Typically, the more secure the solution, the more challenging the experience is for the user.
The ability to manage private keys in both a secure and user friendly way is a key hurdle that the blockchain community must clear if it is able to expand its appeal to a broader set of mass market users from the technologically inclined early adopters and hobbyists that predominantly use the technology today.
To have a really simple way for users to store their keys and utilize them on-chain is so important, and why we are excited about this announcement, said Denelle Dixon, CEO and Executive Director of SDF in an interview.
While software wallets that store private keys on behalf of users on computers and devices have been available for some time, they have often suffered from security vulnerabilities as they share the phone, tablet or computer with other applications which can eavesdrop on the software and steal private keys. As a bearer asset, those with the private keys have full control over a users funds and recovery from theft is seldom successful.
A more secure approach is to use hardware level segregation, where a separate computer processor that can only be accessible by authorized software is used to protect keys from prying eyes. Thats a capability that has Samsung rolled out, as Forbes.com reported on earlier in the year.
"We created a secure processor dedicated to protecting your PIN, password, pattern, and Blockchain Private Key," Samsungwroteon its website, announcing the new S20 Galaxy phones. "Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private."
Samsung has supported Ethereum since the release of its Galaxy S10 in March 2019, and then added bitcoin support in the summer of the same year. Since then, over 30 digital coins, including stable coins have been integrated into the phone.
With this integration, SDF has aligned itself with a formidable distribution partner; the electronics giant which makes up 19% of global smartphone sales and last year sold almost 300 million phones according to data siteStatista.
While the wallet and Keystore is only available on a handful of devices and regions Samsung Galaxy Smartphones: Galaxy S20 Series, Galaxy Z Flip, Galaxy Note 10 Series, Galaxy Fold, Galaxy S10 series as people cycle through their devices to newer models, there will be a natural increase in adoption of Samsung devices that use the Stellar blockchain.
The new Samsung S10 phones are displayed in a demonstration room after an event Wednesday, Feb. 20, ... [+] 2019, in San Francisco. Samsung is hailing the 10th anniversary of its first smartphone with three new models that seem unlikely to reverse a sales slump in an industry recycling the same ideas. The S10 line-up unveiled Wednesday in San Francisco all boast fancy cameras, sleek screens covering the entire front of the device and at least 128 gigabytes of storage, the most important features to consumers looking for a new smartphone. (AP Photo/Eric Risberg)
Stellars integration into the Samsung Blockchain Keystore is a significant step for our network and the incredible ecosystem of applications built on this platform. Samsung provides a key management solution that is user-friendly and drives greater adoption of blockchain technology. With this integration, weve opened up to a new network of users that can benefit from the combined innovation ofStellarand Samsung, said Dixon.
For SDF, its not purely the ability to provide an easy-to-use key management capability that is exciting for the organization, its also the opportunity to further grow the ecosystem by providing a platform around which Stellar-based business can build innovative applications that can be used by users.
With Stellars blockchain services now being available through the Samsung Blockchain Keystore,Stellarecosystem developers are able to create blockchain apps and services for Samsung Galaxy Smartphones, in addition to existingStellar-based products and applications.
Thats a point reinforced by Dixon: Its just the beginning as we work together to empower more developers and users to leverage blockchain and the capabilities presented by this integration.
At the time of announcement, at least fourStellar-based businesses have committed to adopting the requisite SDKs to make their applications available in the Keystore, including DSTOQ, SatoshiPay, Litemint, and Nodle.
The Smartphone Race Is On
Samsung is not the only phone provider to have dived into crypto. Phone manufacturer HTC was one of the first to market with the announcement in 2018 that its Exodus 1 smartphone would be able to natively store bitcoin or Ether cryptocurrencies.
Device manufacturer Apple AAPL , which company holds 12.4% of the smartphone market, has been notably coy about their cryptocurrency aims. Apples devices also have secure keystore vault, which is accessible through the companys CryptoKit SDK. The Software Development Kit was released in the summer of last year but without the fanfare that similar developments by Samsung and HTC received.
Apple, it seems, seem to be prepared to support crypto, but have no appetite for making it the centerpiece of their brand in the way that Samsung and HTC appears to have done. Perhaps its because the company has been working on a geographic expansion into China which has adopted a hostile position towards cryptocurrency, in general. Alternatively, Apple, never one to be a follower, may be of the opinion that it is best to emphasize technology where it has demonstrated a first-mover advantage and play down where it is a fast follower on the heels of its competitors innovations.
SDF Continues To Progress Well
Notwithstanding, the lack of appetite from Apple, SDF appears to be on a roll with its partnership with Samsung. The foundation, in fact, has had a busy year so far.
Earlier in the year, SDF announced that it had partnered with wallet provider Abra in a move which intends both to put the storage and trading of Stellar into the hands of retail users in developed countries as well as providing an alternative banking offering for those in disadvantaged countries that are subject to capital controls and high inflation who wish to work outside the traditional monetary system.
Abra's wallet now integrates with Stellar
Abra was in the news recently, for settling a case with the SEC and the Commodity Futures Trading commission concerning the illegal sale of security-based swaps to investors, which was a mechanism that the wallet provider briefly provided to U.S. users as a way of synthetically representing cryptocurrencies.
See the article here:
Samsung Doubles Down On Crypto With Support For Payments Blockchain Stellar - Forbes
- Blockchain: The Complete Guide | WIRED - February 6th, 2018 [February 6th, 2018]
- What Is Blockchain Technology? - cbinsights.com - February 6th, 2018 [February 6th, 2018]
- 7 Ways Blockchain Will Enable Entrepreneurs in 2018 | Inc.com - February 6th, 2018 [February 6th, 2018]
- Blockchain technology | Microsoft Azure - March 26th, 2018 [March 26th, 2018]
- Blockchain Wallet on the App Store - itunes.apple.com - May 5th, 2018 [May 5th, 2018]
- Bitcoin and Blockchain - Bloomberg - May 5th, 2018 [May 5th, 2018]
- Blockchain - The Daily Reckoning - May 5th, 2018 [May 5th, 2018]
- BIS show London - Blockchain Conference London | FinTech ... - July 14th, 2018 [July 14th, 2018]
- 2018 Bahamas Blockchain & Cryptocurrency Conference - July 27th, 2018 [July 27th, 2018]
- WORLD BLOCKCHAIN CONFERENCE - August 20th, 2018 [August 20th, 2018]
- Azure Blockchain Workbench | Microsoft Azure - September 29th, 2018 [September 29th, 2018]
- Crypto Guru on Bitcoin, ICOs, Blockchain, ETFs, & More ... - September 29th, 2018 [September 29th, 2018]
- Dot Blockchain Media - September 29th, 2018 [September 29th, 2018]
- 75 banks join JPMorgan-led blockchain payment project ... - September 29th, 2018 [September 29th, 2018]
- Walmart will use blockchain to ensure the safety of leafy greens - September 29th, 2018 [September 29th, 2018]
- Malta wants to become 'Blockchain Island' - September 29th, 2018 [September 29th, 2018]
- Walmart is betting on the blockchain to improve food safety ... - September 29th, 2018 [September 29th, 2018]
- From Farm to Blockchain: Walmart Tracks Its Lettuce - September 29th, 2018 [September 29th, 2018]
- The Truth About Blockchain - Harvard Business Review - October 2nd, 2018 [October 2nd, 2018]
- Blockchain.io | Your Gateway to the Internet of Value - October 17th, 2018 [October 17th, 2018]
- Blockchain Whispers: The Most Accurate Crypto Signals - December 8th, 2018 [December 8th, 2018]
- MLG Blockchain - Expert Blockchain Consulting & Development - December 10th, 2018 [December 10th, 2018]
- What Is The Blockchain? - Pixel Privacy - December 27th, 2018 [December 27th, 2018]
- Blockchain Wallet: Bitcoin on the App Store - January 13th, 2019 [January 13th, 2019]
- The Ultimate Guide To Understanding What A Blockchain Is ... - March 20th, 2019 [March 20th, 2019]
- Amazon Managed Blockchain - March 20th, 2019 [March 20th, 2019]
- What Is Blockchain? The Complete WIRED Guide | WIRED - March 20th, 2019 [March 20th, 2019]
- Symmetry - March 28th, 2019 [March 28th, 2019]
- What is Blockchain Technology? A Beginners Guide - April 18th, 2019 [April 18th, 2019]
- Yosemite X uses blockchain tech to shorten payments trip ... - April 20th, 2019 [April 20th, 2019]
- BitcoinSVs blockchain is struggling with its enormous 128MB ... - April 20th, 2019 [April 20th, 2019]
- Jimmy Song discusses Bitcoin, blockchain, and the crypto space - April 20th, 2019 [April 20th, 2019]
- Blockchain on AWS - May 5th, 2019 [May 5th, 2019]
- Blockchain Login Blockchain - June 7th, 2019 [June 7th, 2019]
- German telecom giant hires blockchain professor hopefully, its a good thing - The Next Web - September 25th, 2019 [September 25th, 2019]
- Israeli Startup Creates Offline Wallet With Access to the Blockchain - CoinDesk - September 25th, 2019 [September 25th, 2019]
- Overstock seeks blockchain stock registration with SEC - CoinGeek - September 25th, 2019 [September 25th, 2019]
- Telefnica Making Provisions Not To Miss The Blockchain Boat - Forbes - September 25th, 2019 [September 25th, 2019]
- Verizon and Wells Fargo Are Getting on the Blockchain - Market Realist - September 25th, 2019 [September 25th, 2019]
- Blockchain Mortgages Could Help The Impending Recession - Forbes - September 25th, 2019 [September 25th, 2019]
- The Smartest Way to Buy Blockchain Stocks - Zacks.com - September 25th, 2019 [September 25th, 2019]
- Vodafone litters London with blockchain tokens in new augmented reality game - The Next Web - September 25th, 2019 [September 25th, 2019]
- 5 Enterprise Blockchain Stories of the Week - Forbes - September 25th, 2019 [September 25th, 2019]
- ternity Partners with Uruguay Can to Track Cannabis Production on the Blockchain - GlobeNewswire - September 25th, 2019 [September 25th, 2019]
- Putting blockchain technology to good use - ComputerWeekly.com - September 25th, 2019 [September 25th, 2019]
- Blockchain simplified: How it eliminates the middleman - Big Think - September 25th, 2019 [September 25th, 2019]
- Building On Blockchain Without Code: Proxeus Goes Live - PRNewswire - September 25th, 2019 [September 25th, 2019]
- Googles Quantum Computing Breakthrough Brings Blockchain Resistance Into the Spotlight Again - Forbes - September 25th, 2019 [September 25th, 2019]
- Five things to know about blockchain and CRE - REjournals.com - September 25th, 2019 [September 25th, 2019]
- Blockchain Technology Is Already Improving Lives At 22 Hospitals - Forbes - September 25th, 2019 [September 25th, 2019]
- How Blockchain Is Changing The Game For Social Impact Initiatives - Forbes - September 25th, 2019 [September 25th, 2019]
- The Shift Toward Decentralized Finance: Why Are Financial Firms Turning To Crypto? - Forbes - October 1st, 2019 [October 1st, 2019]
- Could Blockchain Revolutionize the Real Estate Industry? - RisMedia.com - October 1st, 2019 [October 1st, 2019]
- Cross Reality And Blockchain - A New Era Of The VR Industry - Forbes - October 1st, 2019 [October 1st, 2019]
- Vontobel to offer structured product using blockchain technology - Investment Europe - October 1st, 2019 [October 1st, 2019]
- MineRP to partner with Karuschain to adopt blockchain platform - Mining Technology - October 1st, 2019 [October 1st, 2019]
- Stellar Development Foundation proposes to disable inflation mechanism from its protocol - The Block Crypto - October 1st, 2019 [October 1st, 2019]
- BurstIQ raises $5.5M to bring blockchain to the healthcare space - VatorNews - October 1st, 2019 [October 1st, 2019]
- Blockchains Next Frontier: Saving the Planet (and Possibly Pandas, Too) - Observer - October 1st, 2019 [October 1st, 2019]
- Mark Cuban bullish on blockchain, but would take bananas over bitcoin - The Block Crypto - October 1st, 2019 [October 1st, 2019]
- Energy Industry Blockchain Landscape - The National Law Review - October 1st, 2019 [October 1st, 2019]
- US Homeland Security grants blockchain credentialing contract to Danube Tech - Ledger Insights - October 1st, 2019 [October 1st, 2019]
- U Wyoming Spurs Blockchain Development with Hackathon 'Stampede' - Campus Technology - October 1st, 2019 [October 1st, 2019]
- How the blockchain is inspiring organizational design - Quartz - October 1st, 2019 [October 1st, 2019]
- Blockchain At The United Nations Leading Solutions To The Global Crisis - Forbes - October 1st, 2019 [October 1st, 2019]
- Exploring cryptocurrency and blockchain in Iceland - Penn: Office of University Communications - October 1st, 2019 [October 1st, 2019]
- Will Facebook's Libra Overtake Bitcoin Cryptocurrency And The Ethereum Blockchain? How Will It Work? - Forbes - October 1st, 2019 [October 1st, 2019]
- Overstock.com Hones In On Blockchain Identity With Medici Ventures And Evernym Partnership - Forbes - October 1st, 2019 [October 1st, 2019]
- How Blockchain Is Affecting The Marketing And Advertising Industry - Forbes - October 1st, 2019 [October 1st, 2019]
- Japanese Messaging App LINE Positioning Itself As Leader In Blockchain and Crypto Space - Forbes - October 1st, 2019 [October 1st, 2019]
- Could Blockchain Help the Cannabis Industry? Were About to Find Out - Observer - October 1st, 2019 [October 1st, 2019]
- Energy Blockchain Applications Expected to Experience a 67% CAGR - Transmission & Distribution World - October 24th, 2019 [October 24th, 2019]
- Blockchain Technology is Disrupting the Startup Ecosystem - Times of India - October 24th, 2019 [October 24th, 2019]
- Is blockchain the answer for sustainability in the cocoa sector? - ConfectioneryNews.com - October 24th, 2019 [October 24th, 2019]
- Blockchain voting is vulnerable to hackers, software glitches and bad ID photos among other problems - The Conversation US - October 24th, 2019 [October 24th, 2019]
- Blockchain is not the only solution for better and faster payments - Euromoney magazine - October 24th, 2019 [October 24th, 2019]
- Can blockchain restore trust to the fund management and audit industries? - Accountancy Age - October 24th, 2019 [October 24th, 2019]
- Smart contracts and blockchain will provide needed trust, says Princeton professor - TechRepublic - October 24th, 2019 [October 24th, 2019]
- Gartner IT Symposium/Xpo 2019: Blockchain strategy must evolve at the same pace as technology - TechRepublic - October 24th, 2019 [October 24th, 2019]
- Binance CEO: Putin Is the Most Influential Person in Blockchain - Cointelegraph - October 24th, 2019 [October 24th, 2019]