If you’ve been paying attention to recent phone and technology news, you’ve likely read at least a few pieces about up-and-coming blockchain phones that are set to be released as part of Samsung and other major player’s latest waves in smartphones. But what are blockchain phones? And do you need to get one? Let’s take a closer look at what a blockchain phone actually is and whether or not you should add one to your inventory.
What is a “Blockchain” Phone?
A blockchain phone is a phone which uses blockchain technology, regardless of its other specifications, physical design, and interior system design.
Blockchain technology is a decentralized ledger-based technology which makes it possible to protect the phone’s data and records by encrypting them; these records can then be tracked on the phone without requiring an outside centralized authority, such as a bank or credit union. Every blockchain phone effectively acts as its own hub.
New blockchain phones come in two primary types: Stand-alone blockchain phones and the latest wave of blockchain and smartphone hybrids, such as the Exodus 1 from HTC; or the Galaxy S10‘s secure storage system which offers the ability to house cryptocurrency private keys. Other companies, such as Electroneum and Sirin Labs, also offer their own blockchain phones which are available for a relatively modest price.
What are Blockchain Phones used for?
Right now, blockchain phones have one primary purpose: to be used with people who are involved in cryptocurrencies, such as Bitcoin. Blockchain technology is essential for the smooth operation of various cryptocurrencies, and it also provides additional security and performance when compared to a standard smartphone or mobile device. Other than the unique decentralized ledger technology, most blockchain phones do not look radically different from other types of smartphones in terms of features or native storage size.
The future of blockchain phone lies outside of cryptocurrency, however. The ultimate goal with blockchain technology is to act as a gateway to what enthusiasts are dubbing the “decentralized web or Web 3.0,” a future ideal for the internet in which decentralized applications and technology would run on peer-to-peer public networks rather than on private servers.
Should I Get a Blockchain Phone?
The answer to this question relies on whether or not you are currently involved in cryptocurrency or similar technology; whether or not you consider yourself tech-savvy enough to use a blockchain style app system; and how willing you are to participate in the development of fledgling technology that may very well lay the foundations for the future of the internet as people know it and use it.
It is possible that the future internet that blockchain enthusiasts dream about may come even faster if more people adopt blockchain phones and embrace blockchain technology. For now, however, that future is a long way off—but you can still catch glimpses of it when you use the innovative blockchain phone technology.