The world’s technology giants have finally started to acknowledge the cryptocurrency revolution.
According to a report from South Korean media outlet Chosun, LG Electronics is looking into blockchain applications for its smartphone, responding to moves from players like its local rival Samsung and Taiwanese technology firm HTC.
LG Joins Blockchain Phone Industry
Proponents of blockchain have promised that the technology will revolutionize everything — from finance and medical practices to commerce and supply chains. Yet, this budding industry has yet to enter into the mainstream consciousness, seemingly because of the lack of real-world applications for and integrations of blockchain.
Yet, a solution to the pressing adoption issue is well on its way. And the solution is to bring blockchain technologies mobile, implementing services like cryptocurrency payments, decentralized identity services, and enhanced security protocols into society’s smart devices.
According to Chosun, the latest firm to have picked looked into this solution is LG. A source inside the smartphone industry told the South Korean news site that LG has started to converse with local decentralized application (dApp) developers. While the insider didn’t divulge the details of the meeting, they confirmed that LG has determined a direction it wants to take for a smartphone-centric blockchain application.
Not the Only Player
According to the Chosun source, LG has likely started to sortie into blockchain due to efforts from Samsung.
The South Korean technology giant, of course, earlier this year shocked the technology world by releasing a cryptocurrency wallet with its flagship product — the Galaxy S10. While the wallet was (and still is) very limited, with availability being limited to certain countries and support first only spanning Ethereum and ERC-20 tokens, this release led Samsung deeper down the blockchain rabbit hole.
Soon enough, reports stated that the firm was working on blockchain-based digital identity and payments solutions, solutions that sources said could potentially harness cryptocurrencies, namely some derivative of the Ethereum blockchain. While nothing material has come of this hearsay just yet, the frequent and diverse nature of the rumors implies Samsung is serious about this technology, despite the current lack of consumer-facing products and services.
While the insider made no mention of other firms, LG may also be entering blockchain to respond to HTC. Last year, the Taiwanese firm unveiled the EXODUS 1, giving users the opportunity to interact with the digital economy on the first “cryptophone”.
Ethereum creator Vitalik Buterin and Litecoin creator Charlie Lee are among the cryptocurrency industry leaders that have lauded the device.
Speaking at a recent event in Los Angeles, Phil Chen, the head of the EXODUS division, revealed that the EXODUS 1s will launch soon with support to activate a Bitcoin full node on mobile and potential support for a Lightning Network node.
With smartphones existing in an extremely competitive industry, it should come as no surprise that LG is dipping its toes in the tumultuous cryptocurrency waters to get try and gain an edge on Samsung and HTC.
But LG isn’t the only firm to have recently entered the blockchain mobile market.
LG’s foray comes shortly after the state-owned China Telecommunications unveiled a white paper outlining its intent to create an ecosystem of blockchain technologies to provide more secure hardware for 5G-enabled smartphones and to enable a network of digital value transmission.
Also, an executive of the digital payments branch of Apple has claimed that she believes cryptocurrencies are an interesting concept, and may consider integrating the technology into Apple’s products once there is ample adoption.