Samsung announces blockchain-based security for smart devices
Samsung’s new security solution Knox Matrix will work as a user’s own private blockchain system and strengthen security through multi-layered mutual monitoring across connected devices, from smartphones to smart homes.
“Today’s connected world needs a connected security approach too — after all, if just one device is compromised, all others are at risk,” Shin Baik, principal engineer of the security team at the South Korean tech giant said during Samsung Developer Conference Wednesday. “Multi-device protection is the next battlefront for security and privacy.”
To safeguard users’ smart home from malicious access and simplify the login process, Knox Matrix will “share credentials device-to-device” and “protect sensitive information even between trusted devices,” according to a blog post from the company.
“Whether your Samsung devices are based on Android, Tizen, or other OS, Samsung Knox Matrix will be able to provide a unified security SDK,” the post read.
Samsung did not disclose technical details for the blockchain technology or when it plans to release Knox Matrix, besides saying in its post to “stay tuned.”
The adoption of blockchain technology has soared over the past few years within the financial technology industry (fintech), with researchers predicting the global fintech blockchain market to reach $8.7 billion by 2026, according to Research and Markets.
While this modern technology has gained popularity in the fintech industry, Patrick Moorhead, founder and CEO of Moor Insights & Strategy said in a blog post that there are more blockchain-related frauds than there are practical applications and innovative solutions.
“This statement goes without saying, many incredible technologies within fintech and cryptocurrency have yet to change the world,” Moorhead noted. “I believe Samsung does have a real-word use case here with blockchain that does address the need for more security within IoT.”
Samsung has been identified as the most active investor in the blockchain and crypto space, participating in 13 funding rounds within the industry from September 2021 to mid-June 2022, according to Blockdata.
The company announced Friday that Samsung Wallet will expand to 13 new markets this year since it first launched in June 2022. Besides organizing and accessing essential documents and identifications, users can also monitor their cryptocurrency portfolio across various exchanges via the Wallet.
The Wallet is safeguarded by the company’s Samsung Knox security platform. It also stores sensitive documents in an isolated environment to add an extra layer of security protection.
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