South Korean multinational conglomerate Samsung has filed a trademark in the United Kingdom which suggests that the electronics manufacturer might be planning to integrate a digital currency wallet into its mobile phones.
According to the trademark application submitted to UK’s Intellectual Property Office (IPO) on December 27, Samsung may be developing “computer software for use as a cryptocurrency wallet” and also designing software for “cryptocurrency transfer and payment using blockchain technology.”
Developing "Computer Application Software" For Crypto Wallets
Although the trademark filing does not include any details regarding Samsung’s crypto or blockchain-related plans, the “Classes and terms” section of the application suggests that Samsung may be developing “computer application software” specifically for smartphones, tablet computers, and portable PCs.
As CryptoGlobe reported earlier this month, Samsung refuted claims that it was planning to launch a cold storage wallet for digital assets on its Galaxy S10 smartphone. The electronics conglomerate filed for three trademark applications in the EU on December 10, for crypto and blockchain-related software. However, a Samsung representative clarified that "unfortunately we are unable to provide any information [regarding the cold wallet] as the below is rumor and speculation.”
As covered by CryptoGlobe in late July, Samsung said that smartphones are the safest devices for storing digital currencies. According to the electronics giant, “spendable” cryptocurrency may be securely stored on mobile phones because they use a Trusted Execution Environment (TEE).
Samsung: Smartphones Are The Safest For Storing "Spendable" Cryptocurrency
As explained by Samsung in a blog post, the TEE runs in its own independent execution environment, so that its persistent storage (normally a hard disk drive) and random-access-memory (RAM) are separate from a mobile phone’s operating system (OS).
Because there’s an independent run-time environment, the Android OS does not have direct access to the TEE. This means that even if the OS gets hacked, the attacker will not be able to access the data in the TEE. The only way to access data in the TEE is through a compatible application programming interface (API), according to Samsung.
The smartphone manufacturer recommends that crypto wallet developers restrict and control access to the private keys associated with users’ funds by storing them in the TEE. Per Samsung, this ensures that “security is seriously tight” as it becomes practically impossible for malware programs to gain access to a user’s private keys.