Samsung's Galaxy S10 installed with reliable cryptocurrency key storage solution: executive

SEOUL -- Samsung's Galaxy S10, installed with a reliable private cryptocurrency key storage solution, will allow consumers to enjoy the benefits of a new blockchain service, keeping their assets and individual keys safe on their smartphones, a senior executive said.

"Considering security and convenience, this device is the best blockchain device," Chae Won-chul, the head of technology strategy team at Samsung's mobile business division, said in an article published on Samsung's propaganda website.

S10 offers a cryptocurrency wallet and a cryptocurrency key storage solution called "Blockchain Keystore." S10's blockchain service may become a conduit for entering the global market, Chae said. "The Galaxy S10 series is the first step to activate a blockchain ecosystem."

The core of activating a blockchain ecosystem is strong security as blockchain services require consumers to create and manage their own personal authentication means, or personal keys, Chae said, suggesting that if a blockchain private key is lost, it will not only restrict the use of services but also destroy the assets of cryptocurrency.

He said that based on Samsung Knox's strong security technology, personal keys can be kept on smartphones for convenient use. Samsung Knox is a defense-grade enterprise mobile security solution installed in most of Samsung's smartphones, tablets, and wearable devices.

If a smartphone is hacked or stolen, consumers can use Samsung Knox to stop functions. Samsung will also work with telecom operators to activate blockchain ID cards and related technologies, Chae said. "I hope these activities will become the soil for major developers and startups to demonstrate creativity in blockchain services."