Samsung has emerged as a new leader by being the first smartphone manufacturer to give its customers, a cryptocurrency wallet in its smartphones. Previously Samsung did this for the first time in 2019 with Samsung Galaxy S10, a premier smartphone. As of now, Samsung has planned to expand its blockchain platform since it opened the SDK.
Samsung’s Blockchain Wallet’s update was announced on its site. The release stated, “support for hardware wallets provides Galaxy blockchain with a consistent user experience of managing crypto assets from one convenient location. well, besides the Samsung Blockchain Key store, Galaxy smartphones can now connect to hardware wallets which includes Ledger Nano S and Ledger Nano X.”
Recently, Samsung announced that it is making it much easier for users to trade their virtual currencies. It has included the support for hardware wallets to be compatible with the Samsung Blockchain Wallet app.
The hardware Wallet Support For Samsung Blockchain Wallet App can be classified into two types – Digital wallets and Hardware wallets. The digital wallets store virtual assets including tokens and. Bitcoins. Hardware wallets store these assets, offline. Speaking about security, hardware wallets are considered somewhat more secure than digital wallets.
If a person wills to carry out a transaction, then one needs to move the tokens from hardware wallets for which Samsung has developed support for hardware wallets through its blockchain app. The Ledger Nano X and Ledger Nano S are the hardware wallets that are supported by the Blockchain Wallet App.
The recent update let users import and manage their virtual assets from third-party wallets from Samsung smartphones. The update lets Samsung users manage their cryptocurrency easily which will be protected by the Samsung Blockchain Key store.
It also supports various decentralized apps (DApp) which use blockchain technology to verify the exchange of digital assets. The private keys for DApps and cryptocurrency are stored through Blockchain Key store which is further protected by a secure processor and can be accessed by the owner’s fingerprint or PIN. Therefore, this is the big move from the South Korean smartphone giant has made a unique impact in the industry.