Samsung has been actively involved in blockchain technology to have better vantage points in the highly competitive smartphone global market.
Samsung Electronics Co Ltd (KRX: 005930) has been developing a new mobile application that leverages the blockchain technology dubbed Private Share. According to a Samsung oriented tech website, Sammobile.com, the new blockchain-based file sharing app will be introduced as one of the features in the upcoming Galaxy S21.
Afterward, the company will roll out the private share app to previous flagship devices. Secure file transfer is a top priority for most businesses that rely on remote working conditions. In addition, it is vital in society to ensure people are free from third-party censorship that primarily deprives them of their basic rights.
Apparently, the new Samsung Private Share app will work the same as Quick share. Whereby both the sender and the recipient will need to have the app installed on their device.
Notably, the sender’s device will be required to send the receiving Samsung gadget a transfer request before the file is processed. Once the request is accepted, a secure file transfer channel is created and the process begins.
Samsung and Blockchain Technology
Samsung has been actively involved in blockchain technology to have better vantage points in the highly competitive smartphone global market.
Previously, the company introduced the Samsung blockchain wallet to enable its users who are interested in the crypto market to venture without fear.
With the blockchain industry and crypto market growing at a tremendous rate, there has been an influx of scam projects thus the need for a reliable provider. Samsung has vast capital reserves and years of experience that give it a favorable rating to provide credible and reliable services. Notably, with Gemini and Samsung’s prior partnership, Samsung blockchain wallet users can now access the Gemini platform to trade digital assets.
Blockchain technology has been adopted by most businesses especially fueled by the ongoing coronavirus pandemic. The technology improves the reliability of a business to its customers thus attracting more customers.
Combined with artificial intelligence technology, blockchain technology promises a seamless working condition in the near future. Moreover, blockchain technology has proved beyond a reasonable doubt that it can withstand most sophisticated hackers’ attacks. With private share taping the blockchain technology, Samsung devices are likely to experience an increase in demand.
It’s worth mentioning that during the pandemic, global smartphone shipments have dramatically dropped while the supply has increased over time.
Leading smartphone companies including Apple Inc (NASDAQ: AAPL) and Huawei are all competing for the same market. Ostensibly, the company that will perhaps win the market will be the one that provides quality products at the lowest price.
Moreover, Samsung’s entrance into blockchain technology coincides with the ongoing Bitcoin bull rally that has seen it almost reclaim all-time high value.
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