Telecommunication and electronic giant Samsung has revealed plans to introduce crypto and blockchain functions to its budget Galaxy models.
The South Korea-based company released a statement stating it plans to make its digital wallet app available lower-cost models and will further develop crypto features.
Chae Won-cheol, senior managing director, product strategy, at Samsung Electronics’ wireless business division described blockchain as technology that is “in line with the company’s product development philosophy”
He said: “Blockchain enriches the daily life of consumers by driving the activation of new technologies, and provides ‘the land of opportunity’ to start-up and related industries.
“Samsung Electronics will continue to enhance the security and convenience of the block chain while expanding the horizon of technology.”
Its digital wallet app – named the Samsung Blockchain Wallet – is only integrated into its newest Galaxy model, S10, but the company plans to expand this over the coming months.
Samsung also disclosed it is in talks with South Korean telecom firms to begin collaboration on blockchain-based activate related technology such as block-chain identification and local currency.
The US, Canada and South Korea were able to access crypto features on the S10 however, for the budget Galaxy series, the firm indicate they plan to expand the service to other countries.
Won-cheol concluded: “It is not easy to predict how fast a block chain will be in our lives and how much it will bring.
“Obviously, it is more open and more accessible to the Internet than it was originally intended. This will increase the quality of life and create new opportunities in the entire industry.
“I hope that the block chain technology applied to the Galaxy smartphone will be a meaningful first step for everyone to benefit from it.