The emergence of the blockchain has piqued the interest of numerous sectors globally. These include industries such as economics, automotive, politics, finance, and the tech industry. The blockchain is starting to take root in these industries. However, the blockchain might soon revolutionize the communications industry.
What the Data Says
A predictive report by MarketWatch that was released on July 11 showed that the blockchain could contribute as much as $1 billion to the telecommunications industry in five years. When you look at what is happening with the telecommunications sector and blockchain-powered phones, this number is not that surprising.
The auto industry is already experimenting and finding real use cases for the blockchain. For instance, Porsche is trying DApps and BMW is experimenting with cobalt ledgers. Even Mercedes has launched a safe driving rewards program powered by the blockchain. It is only a matter of time until phones join in.
Phone makers are always at the helm of innovative technology. This is quite clear in improved phones that these phone makers release each year. Just when you think we have had it all, they come up with something new.
Right now competitors are trying to leap ahead of the pack by using the blockchain. They want to create phones designed with crypto enthusiasts in mind. They are not just working on hardware; they want to incorporate the blockchain into the software.
Phones Being Developed
One of the companies working on such a phone is Sirin Labs. They are a smartphone maker that wants to release a blockchain-powered phone by November 2018. The funding for their project came from an ICO. Sirin was able to raise $157,8 million at their ICO. Most of that cash, about $110 million came within just 24 hours. It shows there is a huge interest for projects that utilize the blockchain in phones.
The phone, which will be called Finney will be offered at $1000 to customers. What sets this phone apart is that although it will be an Android phone, it will run on Sirin. As a result, it will have cold storage capabilities for crypto wallets. It will also feature a Dapp store and a token conversion service. To purchase the app, users will need to utilize the Sirin Crypto token, which is an ERC20 standard token. Of the 573 million tokens created, 40 percent were sold during the ICO.
Another company working on blockchain phones is HTC. They want to bring the blockchain to a phone near you. The company has named their phone the HTC Exodus. Phil Chen, who is in charge of the phone said that HTC would be supporting underlying protocols such as Lightning Networks, Bitcoin, Dfinity, Ethereum, and many others. Just like Sirin, HTC will feature a universal crypto wallet and a secure hardware enclave.
Another company that wants to be part of this is Huawei. They want to create a phone that supports DApps. Huawei is seeking to license the open Source Sirin OS to make this goal a reality. Not just phones, for instance, Opera Web browse recently launched an inbuilt crypto wallet.