Samsung launches new smartphone chip to store cryptocurrencies securely

More and more firms and institutions are investing efforts in developing solutions for users and cryptocurrency enthusiasts. One of the most recent updates in this field was revealed by Samsung, which plans to launch a next-generation chip to significantly improve the information security of its smartphones, which will favor the storage of private keys of Bitcoin and Ethereum.

According to the firm, this chip will have an optimized version of Samsung software and will keep the data stored at an isolated point from other parts of the device. Dongho Shin, the company’s executive, says this change was necessary, as rapidly evolving smart device market requires appropriate security measures.

Shin added that this technology will be completely resistant to manipulation for malicious purposes, in addition, being fully isolated from conventional memory system, so it will be less susceptible to the exploitation of some security flaws.

The announcement comes at a time when information security reports regarding smartphone hacking reached historic high levels. A couple of months ago, the phone of a senior manager at Algo Capital was hacked, leading to the theft of nearly $2 million USD worth of cryptocurrencies. In another similar incident, one user lost about $30 million USD in Bitcoin Cash after falling victim to the hacking of their SIM card.

Samsung mentions that, although this chip will not prevent such incidents, security features on modern devices will be significantly improved, which will drive widespread use of virtual assets. Information security specialists say this feature will allow users to store their confidential information securely, including PIN codes and cryptocurrency private keys. In addition, this solution will have protection measures against reverse engineering, laser attacks, among other variants. This chip will be included in the next generation of Samsung smartphones.

While virtual assets are used more than ever, the International Institute of Cyber Security (IICS) believes that large firms and regulators need to rely on their use to realize their widespread use, and Samsung’s plan appears to be the perfect opportunity.