In recent years, the Blockchain has gone from being a controversial technology, used by only a few, to becoming a widely used tool by companies, organizations and governments around the world. They have understood the enormous advantages provided by the blockchain. A relationship that can be easily observed in Samsung, a company that bets on Stellar’s Blockchain.
Blockchain in traditional companies
Blockchain technology has been around for several decades. However, it was not until the birth of Bitcoin, eleven years ago, that blockchains began to become popular. Driven by the success of the crypto currency created by Satoshi Nakamoto, as well as by mining. The latter is considered an incentive system created for users to share some of their computing power with the network.
Since then, the Blockchain has expanded worldwide. Being adopted by companies outside the crypto market in the most diverse sectors, which have accepted the gains in efficiency and security that can provide the block chains. Including industry giants such as JP Morgan, Banco Santander and Samsung.
Thus, from agriculture to manufacturing, including finance and telecommunications. The Blockchain has become an integral part of our modern economy. With companies like Ripple and projects like Stellar, serving as a hinge between traditional companies and the crypto world.
The alliance with Stellar
Thus, the Stellar Development Foundation (SDF), an organization dedicated to the development of the capacities of the Stellar Blockchain. It has reached an agreement with cell phone giant Samsung to integrate Stellar into the Samsung Blockchain Keystore.
Thanks to this, users will be able to store their private Stellar keys within the Samsung application. Increasing the security of the same, against the vulnerabilities that in recent times have demonstrated phone wallet apps. These would expose users‘ backgrounds and information, if they lend their electronic device to a third party.
„Having a really simple way for users to store their keys and use them in the chain is very important, and that’s why we’re excited about this announcement. SDF CEO Denelle Dixon commented on the partnership with Samsung.
Samsung said it had created a processor dedicated to protecting the keys of its Stellar users to ensure their security.
This would not be Samsung’s first approach to Crypto Cash technology. By 2019, Samsung had already included support for Ethereum in its phones, later expanding it to more than 30 crypto and stablecoins, including Bitcoin.
Showing this way, this bet by Samsung, with the experimentation and deepening of the use of the Blockchain. Which makes this our Tip of the Day here at CryptoTrend.