Industry NewsIndustry Updates

Samsung unveils blockchain-based security for smart products

0

Samsung’s modern security solution Knox Matrix will function as a user’s own private blockchain system and enhance security via multi-layered mutual monitoring across all linked devices, from smartphones to smart homes.

“Today’s connected world requires a connected security approach as well – after all, if one device is compromised, all others are at risk,” Shin Baik, chief engineer on the security team at the South Korean tech giant, said on Wednesday at the Samsung Developer Conference. Multi-device protection is the next security and privacy battleground.

According to a business blog post, Knox Matrix will “exchange credentials device-to-device” and “secure important information even between authorised devices” to protect smart homes from fraudulent access and streamline the login procedure.

“Whether your Samsung devices are based on Android, Tizen, or another operating system, Samsung Knox Matrix will offer an uniform security SDK,” the publication stated.

The only information provided by Samsung regarding the blockchain technology or the release date of Knox Matrix was the statement “stay tuned.”

The adoption of blockchain technology well within financial tech sector (fintech) has skyrocketed over the past few years, and according to Research and Markets, the worldwide fintech blockchain market will reach $8.7 billion by 2026.

In a blog post, Patrick Moorhead, founder and chief executive officer of Moor Insights & Strategy, stated that there are more blockchain-related crimes than useful uses and inventive solutions.

“It goes without saying that many fantastic financial and cryptocurrency technologies have yet to transform the world,” Moorhead stated. “I believe Samsung has a real-world use case for blockchain that addresses the demand for increased IoT security.”

According to Blockdata, Samsung is the most active investor in the blockchain and cryptocurrency area, having participated in 13 fundraising rounds within the industry between September 2021 and mid-June 2022.

Since its launch in June 2022, the business stated on Friday that Samsung Wallet will extend to thirteen more markets this year. In addition to organising and gaining access to important documents and identifications, the Wallet allows users to manage their cryptocurrency holdings across many exchanges.

The Wallet is protected by Samsung Knox, the company’s security technology. Additionally, it saves critical documents in an isolated environment to provide an additional layer of security.

Emily Parker is a tech enthusiast and freelance writer based in San Francisco, California. With a background in electrical engineering and a passion for smart home technology, Emily has spent the last decade exploring and writing about the latest innovations in home automation. Her articles have been featured in numerous tech magazines and blogs, where she shares her insights on how smart home devices can enhance everyday living. When she's not writing, Emily enjoys experimenting with new gadgets, hiking in the Bay Area, and volunteering at local STEM education programs. Her deep understanding of technology, combined with her engaging writing style, makes her a trusted voice in the smart home community.

Connectivity Standards Alliance (CSA) has released Matter 1.0.

Previous article

Introducing Homey Pro, a smart home hub that supports Matter and Thread

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *