Blockchain Smartphone: A New Business Model

Blockchain Smartphone: A New Business Model


Back to New at Nirolution Blockchain Business Blog

Blockchain Smartphone: A New Business Model

Due to the Blockchain trend there are more and more business ideas that revolutionize the markets. The Blockchain smartphone could be one of these ideas.

Content:

  1. What is a Blockchain Smartphone?
  2. What are the advantages of the Blockchain smartphone?
  3. What are the disadvantages of a Blockchain smartphone?
  4. Summary

What is a Blockchain Smartphone?

A Blockchain smartphone is a mobile phone that represents a nodal point in the Blockchain network and allows the use of decentralized applications. That requires a Blockchain network. The new smartphone can double or even triple the number of Ethereum nodes.

In addition, there is an extended hardware protection by a special chip in the device. The chip stores your private key and important information. So hackers can’t just access the chip, making the decentralized smartphone more tamper-proof if the phone is stolen. This also means that the primary information is not stored in the cloud but on the mobile phone. Thus, the fact that the phone is a node in the system makes access to the crypto currency market much easier. So you can easily pay with Bitcoin or Ethereum.

What are the advantages of the Blockchain smartphone?

The innovative smartphone allows you to download crypto currency wallets and thus easily make payments.

Another advantage will be the low transaction costs, which will be enormously reduced by the integration of the wallet.

In addition, it offers an additional level of security through the integrated security chip.  This protects your important data in the event of theft.

You will also be able to mine coins. Of course, it will not have as much power as your PC, but it will be possible.

What are the disadvantages of a Blockchain smartphone?

The new Smartphone will probably cost between 1000 and 1500 Euro. So it won’t be cheap.

In addition, the network must have a certain size to be secure. If the Blockchain network for the smartphone does not reach the desired size, there is a lack of security.

While Blockchain is a secure peer-to-peer network technology that allows data to be exchanged anonymously for a variety of business or personal transactions, the encryption behind the electronically distributed ledger also means that if you lose your private key you will lose your data, too.

Summary:

The decentralized smartphone is a great and interesting way to integrate Blockchain technology into your everyday life. The ultra secure mobile phone, which can use Dapps for the first time, will certainly establish itself on the market and find its use cases. However, the costs, the security dependency on the size of the network and the irrevocable loss of data in case of loss of the private key still pose difficulties. There will be many challenges before the modern mobile phone can be used without any doubt, but technological developments are going in the right direction. We are excited and can hardly wait to see new great business ideas.

If you want to be informed about the latest updates, follow us on Facebook, Pinterest and Steemit.

Stay current on your favorite topics

Leave a Reply

Close Menu