Samsung creates phone chip that offers secure crypto storage
New technology is leading to better ways to protect crypto assets
The technology already does things that once weren’t even though possible and it will continue to advance and integrate new services. Samsung is bringing a new device to the market with a very special feature for those who would like to store their cryptocurrency in a safe way, but which continues to be easily accessible. A new state-of-the-art chip will be included in the Galaxy S20, and it makes it possible for smartphones to store Bitcoin and Ethereum private keys securely and easily.
In the crypto industry, there are still a few concerns regarding protecting one’s funds to keep them away from hackers who can take everything easily even if the most stringent rules are followed. In the last couple of years, offline devices had been created as another way to stop hackers from finding digital assets, and Samsung is doing something similar to this but at the reach of the hand. This new chip comes with brand-new software that isolates the chip and its information from other parts of the phone, explained Samsung.
With the rapid evolution the smartphone industry has had, security has been a difficult aspect to handle, and even if the person has a high level of technical competence, still the phone can be hacked. Recently a case in which Algo Capital’s CTO had his phone hacked ended up in hackers stealing between $1 to $2 million. Another recent SIM hack led to one person losing $30 million. This new solution will allow users to store confidential data such as PIN codes, passwords and private keys for cryptocurrencies. The chip also provides measures to defend the devices from several types of attacks.