Samsung announces blockchain-based security for smart devices
Samsung’s new security solution Knox Matrix will act 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 also needs a connected security approach – 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’s developer conference on Wednesday. “Multi-device protection is the next battlefront for security and privacy.”
To protect users’ smart homes 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 company blog post.
“Whether your Samsung devices are based on Android, Tizen or other operating systems, Samsung Knox Matrix will be able to provide a unified security SDK,” the post said.
Samsung did not disclose technical details for the blockchain technology or when it plans to release the Knox Matrix, other than saying in its post to “stay tuned.”
The adoption of blockchain technology has increased in recent years in the financial technology (fintech) industry, with researchers predicting that the global fintech blockchain market will 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 scams than there are practical applications and innovative solutions.
“This statement goes without saying, many incredible technologies in fintech and cryptocurrency have yet to change the world,” Moorhead noted. “I think Samsung has a real use case here with blockchain addressing the need for more security in IoT.”
Samsung has been identified as the most active investor in the blockchain and crypto space, participating in 13 funding rounds in the industry from September 2021 to mid-June 2022, according to Blockdata.
The company announced on Friday that Samsung Wallet will expand to 13 new markets this year since it first launched in June 2022. In addition to organizing and accessing essential documents and identifications, users can also monitor their cryptocurrency portfolio across various exchanges via Wallet.
The wallet is protected 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.
