Blockchain development is at a fever pitch right now. Many new applications for the technology which underlies cryptocurrencies like Bitcoin are being introduced. One of the most exciting projects was announced by Foxconn in early April. The company will be releasing the first blockchain-enabled mobile phone in October.
Foxconn is the company that manufactures iPhones for Apple. The new blockchain phone, named Finney, was designed by Sirin Labs in Switzerland. Foxconn states that the phone is intended to simplify the use of cryptocurrency and services that are related to it. Presumably, individuals would be able to create cryptocurrency wallets, participate in blockchain investing through various exchanges, and perhaps even obtain blockchain training that would enable users to create their own applications.
The storage of digital coins is the biggest selling point for the Finney. Cryptocurrency is stored in wallets which are typically assigned to a single blockchain. For example, Bitcoin is stored in a different wallet than Ethereum. Those who invest in a large number of coins can find it difficult to keep up with multiple wallets. The new phone from Foxconn will let users store digital assets on their phone, making them easier to access.
The operating system for the Finney blockchain phone has been developed by Sirin. It will include multiple security features which are intended to provide protection for a user’s cryptocurrency. Biometric, behavioral, and password authentication features are enabled on the phone, and there is also a physical security switch which directly affects the protection of digital coins stored on the phone. All the standard features of smartphones such as a camera, will also be included. The expected retail price of the Finney will be $799.
Blockchain news like the announcement from Foxconn could help to provide a much-needed boost for flagging cryptocurrencies which have seen a huge decrease in value following the bull run of late 2017.