Consumer and tech behemoth Samsung has introduced a blockchain-based security system for securing devices on its network.
The company’s Knox Matrix will use blockchain technology, helping to increase the security of multi-device environments, allowing each device to monitor and share access data with one another.
Foray Into Blockchain Technology
Samsung has announced a new blockchain-based security system designed to upgrade the security protocols of all of the company’s smart devices. Christened Knox Matrix, it is Samsung’s blockchain-based security solution for cross-device experiences. Knox Matrix will cover all of the company’s devices, ranging from smartphones to home appliances within the Samsung network.
The company’s foray into blockchain technology demonstrates the latter’s use case in various scenarios and industries. Knox Matrix will act as a way to increase the security of the company’s smart devices. The company has not yet revealed details about how the system would work but added that it would connect with different smart devices on a network, enhancing security through “multi-layered mutual monitoring.” The company claims that using a phone connected to any other device, such as a smart TV, would make the devices safer.
Enhancing Security Of Devices
The company stated that the main objective of Knox Matrix is to enhance the security of a multi-device environment. The company explained in a post, stating,
“Samsung Knox Matrix will function as a user’s own private blockchain system, wherein your connected devices enhance security through multi-layered mutual monitoring. In order to protect users’ smart homes from unauthorized access and to make the login process more convenient, Samsung Knox Matrix will share credentials device-to-device and protect sensitive information even between trusted devices.”
Streamline Login Tasks
The company also added that its Knox Matrix solution would help streamline login tasks across devices. This is because the login state would be distributed automatically across the network. At the same time, the solution will protect sensitive information from other devices on the network. The announcement states,
“Whether your Samsung devices are based on Android, Tizen, or other OS, Samsung Knox Matrix will be able to provide a unified security SDK [software development kit.”
Samsung has not yet provided the launch date and specifications for the system.
Expanding Footprint In Web 3.0
Samsung is actively expanding its presence in the Web 3.0 ecosystem. The company has been an active investor in blockchain-related ventures since 2021. In August 2021, the company joined a Bank of Korea-led CBDC project to build a pilot platform for a CBDC. Samsung was testing the viability of CBDCs on its flagship Galaxy phones. The company had also unveiled a crypto-compatible wallet at Unpacked 2022. The event was held in the metaverse, with audiences participating through a virtual space in Decentraland.
In March 2022, the company announced that it was partnering with Nifty Gateway to launch the world’s first Smart TV NFT platform. The consumer and software giant has also outlined plans to launch a cryptocurrency exchange in 2023. Samsung Securities has already filed applications to launch the exchange in South Korea.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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