Blockchain Phone to be a Reality Soon
Foxconn International Holdings, a subsidiary of Foxconn Technology Group, the Taiwanese manufacturer of iPhones has come together with Sirin Labs to build the first blockchain phone ever!
Sirin Labs, the Switzerland-based consumer electronics manufacturer, has lent the phone its design. Foxconn, on the other hand, would be building the phone.
According to a report by Bloomberg, the new phone would be called Finney. Finney aims to simplify the UX for products and services related to cryptocurrencies.
Finney would use Sirin’s proprietary operating system and would be equipped with all the regular features you would expect in a smartphone. At an expected price of 799 USD, the phone would come with a physical security switch which protects the e-wallets of the users. This feature of the phone distinguishes it from the other phones available in the market.
The blockchain phone uses three forms of authentication—biometric, password-based, and behavioral authentication.
Finney’s white paper says that its devices would form a blockchain network of their own to enable transactions. For example, you would be able to sell your phone’s Wi-Fi to users in a public place with the help of tokens. The phone would also convert your cash into tokens which you can later use to purchase things from websites which accept cryptocurrencies.
While a complex UX is a major problem that the blockchain technology faces as of now, security is not a factor to be undermined. Cryptocurrencies have been subject to a lot of data breaches and hacks in the past. In order to protect the cryptocurrency stash they have, investors and entrepreneurs are developing—and have developed in the past—storage mechanisms which would help them prevent theft.
All said, it is still a bit too early to be sure about how secure the security protocols on the blockchain phone are.