Samsung Files for Trademark for Cryptocurrency on its Smartphones

Samsung Files for Trademark for Cryptocurrency on its Smartphones

EU Intellectual Property Office Documents Reveals Plans

That the top smartphone companies have been targeting the area of cryptocurrencies, blockchain technology and crypto wallets has been in the news for some time. South Korea’s Samsung has a gone a step ahead and has filed Trademark applications with the European Union Intellectual Property Office, the nodal agency entrusted with the authority to scrutinize such applications and confirm, after a thorough search, that no similar applications have been received in the past. Samsung has filed three trademarks for the terms Blockchain KeyStore, Blockchain key box and Blockchain Core.

Blockchain core

Blockchain is Central Cryptocurrency

Cryptocurrencies like Bitcoin have become very popular and an alternate digital or virtual currency is being created worldwide. Those who started this thought the cryptocurrencies could replace gold as the basic asset with which economies can be controlled. Though the prices of Bitcoin hit the roof, it has been seeing a steady decline in the last one year. These cryptocurrencies are mined through a blockchain process using powerful computers and there are virtual wallets to store these digital currencies to be used for trading where acceptable. South Korea is one country where the craze for cryptocurrency caught on very well. No wonder Samsung wants to capitalize on this popularity by introducing features in their smartphones blockchain capabilities and provisions for e-wallets that can store the cryptocurrencies.

Blockchain Key box

Limited Possibilities with Smartphones

The larger objective behind Samsung applying for these trademark registrations is still to be explained. But the smartphones themselves can be used for limited purposes in the cryptocurrency ecosystem. The holding of the crypto keys or the codes required to open the wallets holding cryptocurrencies can be stored in the smartphones. Being a personal device, the possibilities of hacking and the information stolen are much less. That one of the three registrations by Samsung in EU is for Blockchain KeyStore, it can be concluded that this would one of the features added to the smartphones from the company in the future. In all probability, the flagship Samsung Galaxy S10 phones may have this feature loaded on them.

Blockchain keystore

HTC of Taiwan has launched a phone Exodus 1, which is called the blockchain phone and was touted as a device to store crypto keys. Await the official announcement from Samsung on this soon.



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