Samsung Blockchain And Stellar Collaboration
Stellar
The Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of the Stellar network, today announced the integration of Stellar into the Samsung Blockchain Keystore.
The integration will allow Samsung device users to be able to securely store the private keys associated with their Stellar blockchain wallet. This solves what has traditionally been a challenging part of the blockchain user experience which is the ability to manage private keys in a secure manner. Typically, the more secure the solution, the more challenging the experience is for the user.
The ability to manage private keys in both a secure and user friendly way is a key hurdle that the blockchain community must clear if it is able to expand its appeal to a broader set of mass market users from the technologically inclined early adopters and hobbyists that predominantly use the technology today.
“To have a really simple way for users to store their keys and utilize them on-chain is so important, and why we are excited about this announcement,” said Denelle Dixon, CEO and Executive Director of SDF in an interview.
While software wallets that store private keys on behalf of users on computers and devices have been available for some time, they have often suffered from security vulnerabilities as they share the phone, tablet or computer with other applications which can eavesdrop on the software and steal private keys. As a “bearer asset,” those with the private keys have full control over a user’s funds and recovery from theft is seldom successful.
A more secure approach is to use hardware level segregation, where a separate computer processor that can only be accessible by authorized software is used to protect keys from prying eyes. That’s a capability that has Samsung rolled out, as Forbes.com reported on earlier in the year.
“We created a secure processor dedicated to protecting your PIN, password, pattern, and Blockchain Private Key,” Samsung wrote on its website, announcing the new S20 Galaxy phones. “Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private.”
Samsung has supported Ethereum since the release of its Galaxy S10 in March 2019, and then added bitcoin support in the summer of the same year. Since then, over 30 digital coins, including stable coins have been integrated into the phone.
With this integration, SDF has aligned itself with a formidable distribution partner; the electronics giant which makes up 19% of global smartphone sales and last year sold almost 300 million phones according to data site Statista.
While the wallet and Keystore is only available on a handful of devices and regions — Samsung Galaxy Smartphones: Galaxy S20 Series, Galaxy Z Flip, Galaxy Note 10 Series, Galaxy Fold, Galaxy S10 series…
Read more:Samsung Doubles Down On Crypto With Support For Payments Blockchain Stellar
