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As with other sectors, the application of blockchain in the communication space is considered a big and positive step. But it is the integration of blockchain into mobile phones that could cause a stir. Globally, the number of mobile device users amounts to billions. This makes the combination of mobile and blockchain an exciting combination.
HTC is already seeing this possibility and, in October, the mobile phone company launched the first blockchain block smartphone, HTC Exodus 1. This model of HTC phone doubles as an Android phone and a digital wallet. It is completely based on blockchain and can only be purchased using Ethereum and Bitcoin cryptocurrencies. Its ability to store cryptocurrency keys allows users to access, send, receive and track cryptocurrency balances.
With the reality of hacking threats, HTC has incorporated a separate lockable section in which the cryptocurrency keys are stored in the Exodus 1 phone. However, this section is not related to the phone operating system. The phone also has a simple and accessible way to recover the cryptocurrency keys in case of loss or forgetfulness without the involvement of HTC.
Massimiliano Rijllo, CEO of Coinnect SA, states: "The great challenge is to allow a safe and simple use of cryptocurrencies: Portfolios and many other tools used to safely manage cryptocurrencies are still too complicated for a non-technological person HTC has created a separate and secure space to store and manage cryptocurrencies , a sort of "hardware" wallet but inside a device that can be used as a normal smartphone.This allows a good balance between simplicity and security.In the industry, pure hardware portfolios such as Ledger are the preferred choice at the moment . "
Market readiness
The blockchain and digital currencies are largely under development and their use is still growing. Therefore, the market availability for blockchain phones depends on the extent to which the cryptocurrency sector is successful.
Even so, the big question is whether blockchain phones can enter the existing mobile phone industry, considering the existing competition with Sirin Labs' blockhouse Finney. But HTC's decentralized chief officer, Phil Chen, does not agree that this could hinder its use and believes that the target market is blockchain users.
The cost of Exodus 1 is high, which can be a challenge for adoption in the broader market. In addition, the high volatility of the cryptocurrency market which has seen currencies such as Bitcoin suffer sharp declines and increases will have a negative impact on the market. Although this is not the reason HTC developed Exodus 1, it is certainly a contributing factor to the growth of the encrypted market.
Impact on the mobile phone industry
The launch of HTC Exodus 1 will affect the way the blockchain is used in the mobile industry. With its storage capabilities and the ability to securely use virtual currencies, it will ensure the ease and convenience of commercial transactions.
It will also allow encrypted companies to conduct global transactions as consumers can easily find and purchase goods from various locations that accept payments in digital currencies.
The use of Blockchain in mobile phones allows users to control their data and create virtual identities. This eliminates the challenges associated with identity theft.
HTC intends to further develop the phone with contributions from developers around the world. The company is trying to improve its security features, including the protection of cryptocurrency keys and the signature of transactions.
But this is only the beginning of blockchain innovations in the mobile sector. Rijllo adds that, "In the future we will see a mixed approach, smartphones will become a support to manage the daily use of cryptocurrencies, we will use specialized hardware portfolios with high security features to store investments and greater savings in cryptocurrencies." The launch of HTC Exodus 1 is certainly an important step for the mass adoption of cryptocurrencies. "
Disclaimer: David Drake is on the advisory board for most of the companies mentioned or referred to in this article.
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