Blockchain Smartphones Explained: A New Generation of Communication
Blockchain is one of those digital phenomena that most people have heard of, but many have no idea what it is.
Essentially, blockchain is a decentralized ledger of transactions that are spread out among networks, versus being stored in a central server. Those who use blockchain have a private key and public key. These are used together to create a digital identity which creates a “block.”
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These blocks can be verified by the network and allowed to be a part of the overall chain. This is used most commonly in cryptocurrency. With crypto, blockchain is a way of ensuring that spent digital coins are not duplicated, so they function like actual currency.
This technology has spread into other markets and people involved in it truly believe it will soon show that there are no limits to this application.
What are Blockchain Smartphones?
Blockchain smartphones are cellphones specifically created with built-in functionality to allow the processing of blockchain transactions. This is great for those who actively use cryptocurrency, or who are interested in where this technology will go!
Advantages of Blockchain Smartphones
The advantages of Blockchain Smartphones are dependent on the advantages of blockchain technology. This technology creates a decentralized system of completely transparent transactions. This is great for the cryptocurrency market as is creates a secure form of currency that doesn’t fail with an economic system.
Using blockchain can be a little overwhelming to some users and having a phone with this capability built right in is a major win for the future expansion of the market!
HTC, one of the first in the industry to release this technology, believes that there is no way to create a larger crypto market without creating a system that is usable by beginners.
Disadvantages of Blockchain Smartphones
While there are many advantages to a blockchain smartphone, there are a few issues as well.
Technology is New
While blockchain technology has been around since the late ’90s, the blockchain cellphone is practically brand-new technology. Though this is a great step forward for the digital currency, the fact remains that these first renditions are likely to be buggy or slow.
With time, we will hopefully see these pieces of equipment advance, become more streamlined, and available from multiple sellers.
While creating an easy to use, integrate, the cryptosystem is a wonderful idea, there are still some concerns with beginners using the technology. If it becomes too simple to use, you are going to see large amounts of people using the technology to make large crypto purchases and sells without understanding what they are doing.
Since these transactions are nonrefundable, this can lead to some major upsets. Though this is an inevitable issue with creating a more accessible blockchain service, we can only hope this doesn’t hurt the future of the industry.
Blockchain has become a major target for cybercriminals. The idea of anonymous digital currency is simply too tempting for them. This means you have to be extra careful to follow security measures when using a blockchain smartphone.
When using blockchain technology there are a few security measures you should take.
Double Check Addresses
An easy measure to help secure your blockchain transactions is to double check the address you are using for transactions. Remember, the transactions are irreversible!
Always use two-factor authentication. Two-factor authentication protects you by making it so a hacker would not only have to ascertain your password, but also a time-sensitive code.
Outside of the blockchain aspect of these smartphones, there is the overall need for security. Using a smartphone can be incredibly dangerous. Public WIFI networks are especially dangerous to your digital safety, and when your cellphone links to crypto wallets or bank accounts you need to ensure your privacy.
This is where a VPN (virtual private network) comes in to play. These services encrypt your data, provide you anonymity, and create a secure tunnel for all data to pass through.
If you are interested in using a VPN for your digital safety take a look at this Avast VPN review.
With some basic security measures, the new blockchain smartphone might be your ticket into the world of cryptocurrency.
Image via Pixabay
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