Samsung introduced a new state of the art chip that will increase the security of its smartphones in the sphere of storing Bitcoin (BTC) and Ethereum (ETH) private keys, which in turn will boost long-term adoption as we are reading more in the crypto news further.
The biggest electronics manufacturer in the world that is based in South Korea, Samsung, introduced the chips after they made an announcement about the newly designed solution to protect data that is stored on its smartphones. The company introduced a newly designed chip and optimized software that protects the private data through isolation from other parts of the phone, explained Samsung. Rapid evolution is happening in the world of smartphones, which makes it harder for developing adequate security measures, a senior executive stated, Dongho Shin. One of the best security hardware protections in all smartphones is the turnkey solution, Samsung stated. It is tamper-resistant in its entirety and able to store the confidential data of users totally separate from typical mobile memory, which makes it quite less vulnerable to exploitation.
No matter the level of technical competence, people remain vulnerable to phone hacks. In October of 2019, the phone of the CTO of Algo Capital was hacked and crypto funds worth some were between $1 to $2 million were stolen. The story surfaced recently, in which a certain person lost $30 million in Bitcoin Cash after SIM hack was executed upon him. Although the new chip will not prevent these kinds of hacks, the continual development in the sphere of mobile security is a necessary component to push the mainstream nation of cryptocurrency.
The new technology will also have a preventive role in replay attacks and manage failed requests. Replay attacks are a version of a man in the middle attack in which eavesdropping is performed by the attacker with the goal of gathering information from the hardware or the network in order to impersonate the user in future requests. The newest hardware solution of the company is at the moment in production, stated Samsung. The first smartphones that will feature the advanced security solution will be in the series of Galaxy S20, which will be released in March.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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