crypto wallets

Samsung initiate 3 patent request for blockchain trademarks

Samsung may join HTC and SiriLabs as blockchain smartphones soon. Earlier this week, Samsung submitted 3 European trademark requests for blockchain based smart phones features. The 3 trademarks are “Blockchan KeyStore”, “Blockchain keybox” and “blockchain core”. These name clearly explains the intended purpose behind these trademarks. It seem like Samsung is investing in blockchain technologies – perhaps it could be some kind of hardware wallet to store public or private key into its futures devices.

Last year, leading hardware crypto wallet manufacturer and developer sold more than 1 million hardware wallets. The profit margin was $29 million which led other technology companies like Samsung to work on it. Blockchain is a secure mechanism but signing on the blockchain isn’t. If you lose the private key, there is no one looking after your assets or any way to recover these. In 2018, the crypto industry has seen 4 major hacking attacks on Coincheck, Bithumb, Coinrail which created an urgent need for secure hardware wallets.

The digital currency give a decentralized peer to peer financial network which enable anyone to send and receive information over public blockchain in a secure and trusted manner. Crypto currency has emerged a new way of money transactions without need of any financial institution or bank etc.

The patent documents state that trademarks will apply to smartphones software applications with mobile devices, computer software platforms, application software. As these are just patent request documents and not real patent documents, there is no further detail regarding the usage of these trademarks. we have to wait further to see how these trademarks are going to be used by Samsung.

Blockchain technology has become the mainstream in cyber security since many investors and financial institutions started to invest millions in couple of years. Lots of companies are trying to bring security solutions to keep these crypto coins save in hardware wallets. Samsung is well aware of the current “need” and perhaps also working on it.

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