Huawei is in talks with Sirin Labs to develop the world’s first blockchain-supporting mobile phone. While the cryptocurrency world has embraced this technology, it hasn’t quite penetrated the mainstream market and having the first smartphone that’s integrated with blockchain would be a big step towards the development of blockchain’s mainstream appeal.
Sirin Labs is an operating system and electronics company headquartered in Schaffhausen, Switzerland whose products are privacy oriented. The company developed SIRIN OS, an operating system that has the ability to support decentralized applications (dApps) that are developed on the blockchain platform. Sirin Labs made the headlines when it announced last year that it was developing its own smartphone which would support the blockchain and reportedly raised $100 million in 24 hours to finance the project. According to the company, the smartphone which is yet to hit the market already has 25,000 pre-orders.
Sirin’s smartphone will cost $1,000 and will give its users a cold storage cryptocurrency wallet that allows the users to store their cryptocurrencies offline for enhanced security. It will also have the ability to convert fiat currencies to digital tokens which will be needed to run the various applications on the phone. Sirin Labs is still set to continue developing its blockchain smartphone despite partnering with Huawei.
Partnership Still in its Early Stages
The partnership between the two is still in its early stages and none of the companies has officially made a statement to confirm the details of the partnership. Representatives from both companies have however come forward to confirm that the two have been working together.
Sirin Labs confirmed the two companies working together through their Telegram channel on February 28. It released photos that showed representatives of both companies after they held a closed-door meeting. Bringing blockchain technology to the masses was among the things the two companies discussed according to Sirin Labs.
Huawei currently designs its devices with Google’s Android OS and the SIRIN OS would be integrated to work alongside it. According to industry experts, Huawei could introduce proof of ownership with its devices through the registration of all its active devices on its network. Every Huawei device would then have unique immutable keys associated with it that are available on a decentralized ledger. This would increase security and prevent cases of fraud and theft.
Huawei the First Major Phone Maker in the Blockchain Field
While Sirin Labs may have pioneered the field, Huawei Technologies will be the first major smartphone maker to show interest in the field. Huawei is the world’s third-largest phone maker after Apple and Samsung and the largest in China. The company which is headquartered in Shenzhen has a major foothold in various other fields such as cybersecurity, cloud computing and tech gear production. Huawei has already expressed interest in the blockchain technology and has filed for a patent to protect intellectual rights through a blockchain-based verification system that it’s currently working on.
With Huawei being renowned for producing high-performance gadgets at a lower price than its competitors, this partnership could signal great things for cryptocurrency and blockchain enthusiasts. While the Finney, Sirin Labs’ blockchain smartphone is set to cost $1,000, Huawei’s might be much lower and with better capabilities.
This development will be a huge step for both the company and the blockchain technology as well. While it has been mainly associated with powering cryptocurrencies, the blockchain technology offers other advantages such as security, scalability, privacy and speed. This technology is currently being explored by many industries including supply chain management, insurance, logistics, healthcare and cloud storage and the results have been encouraging.
Blockchain technology has faced hostile regulations in many parts of the world with several governments being wary of the decentralized technology especially as it is not subject to traditional regulations. This has seen its use restricted in countries like Vietnam, South Korea and Huawei’s backyard, China. However, other governments have welcomed the technology such as Japan which has even gone on to legalize cryptocurrencies and recognize Bitcoin as a legal method of payment. Huawei’s development of blockchain-integrated smartphones will go a long way in giving people confidence in blockchain technology.
The future holds a lot of promise for Huawei, Sirin Labs and the blockchain technology.