Top Crypto News Today: Samsung explores Blockchain based Security for its Devices

Blockchain technology and what value it is adding to the digital world we are already living in has been the ‘talk of the town’ for a while now. With the disruptive innovations, it is natural for the tech giants of the world to enter a compatible zone with the new technology. Walking the same lines, Samsung; one of the biggest tech giants of the world; has been very active in exploring the blockchain space for a while. Back in August, a blog post from Block Data relieved that Samsung has participated in 13 funding rounds for various crypto companies which included companies like Yuga Labs, Animoca Brands, and Sky Mavis.

Following the evets, when Samsung announced yesterday that they are going to utilize blockchain technology in order to upgrade the security protocols for all of its smart devices, it seemed like the logical step. 

Samsung’s Knox Matrix is the new blockchain-based security solution for “cross-device experiences.” which means that the security layer will be covering all Samsung devices, ranging from smartphones to home appliances, within the network! Samsung mentioned in the blog that, Samsung Knox Matrix will be functioning as the user’s own private blockchain system, meaning that the connected devices will be enhancing security through multi-layered mutual monitoring. This new security upgrade from Samsung is intended to protect the users from exploits of their credentials, while simultaneously making logins simpler.

According to the announcement, all Samsung devices will be utilizing the Knox Matrix and receive a unified SDK. This is irrespective of whether they are based on Android, Tizen, or another OS.

The security upgrade is not the only news coming our way from the tech giant. Along with the Knox Matrix comes the company’s announcement of its new collaboration with Google. This is aimed to improve multi-smart device experiences in the home. The news mentioned, “In the coming months, Samsung Galaxy phone and tablet users will be able to easily onboard Matter-compatible devices to both the SmartThings and Google Home ecosystems.”

Samsung Electronics Announces Expanded Partnership With Google To Elevate Smart Home Experienceshttps://t.co/D50NmDtp0v

— Samsung Electronics (@Samsung) October 12, 2022

With its heavy steps on the blockchain and crypto space, the Korean tech giant, Samsung is also looking forward to venturing into the Web3 space. It has already backed an upcoming Web3 gaming studio along with the Samsung’s Asset Management division launching a blockchain exchange-traded fund in Hong Kong back in June. 

With the Managing director of Samsung Next commenting on the importance of Web3 in the world, it very well looks like Samsung is almost bullish in its ventures! 

According to Liao, investing in MachineFi has been a step towards Samsung entering the Web3 space. He explained, “So, you can see that what IoTeX is going after fits into several of our focus areas. And I hope we can contribute to the further success of the MachineFi vision. It is very exciting.”

Source: CoinDesk

Keep an eye out for all the latest crypto news on CoinDCX Blog.