Even as the top smartphone brands of the world compete to solidify their position as leaders in the smartphone industry, a new entrant has become the latest center of attention for experts and enthusiasts everywhere. And from the looks of it, this new entry is not here to compete with the others, but rather to introduce a new perspective to the phone industry itself.
Taiwanese electronics manufacturer HTC has just launched its latest model, titled Exodus 1, and its prime feature is that it is a blockchain-friendly phone. While lesser-known companies such as Sirin Labs and Sikur have come out with blockchain phones in the past, the HTC Exodus 1 will be the first comprehensive, mainstream model to hit the industry.
The launch of the model has made bitcoin enthusiasts extremely excited about the various possibilities that could follow the integration of blockchain and smartphone technology. However, it has also made experts curious about where the future of the smartphone industry itself might be heading.
What is blockchain?
The term ‘blockchain’ refers to a form of technology that stores data in a particular way. It depends on a decentralized ledger or a list of records that contain a variety of information. This ledger is distributed among devices across the world, also known as a network of ‘nodes’. The records on the ledger are encrypted and are hence protected from any form of tampering or revision.
As opposed to traditional forms of storing data, the storage and protection of data in the blockchain do not depend on a central server or figure, such as a bank. Data can only be stored, removed or edited from blockchain after confirmation from the various devices, ie. nodes that create the blockchain network.
So, what does a blockchain phone offer?
Blockchain phones, such as the HTC Exodus 1 aim to serve as individual nodes in the blockchain network. For people seeking to be a part of the blockchain network, or who wish to participate in cryptocurrency such as Bitcoin, a blockchain phone promises to be a useful and secure tool.
Source: Digital Trends
Another feature of these phones is that they provide better and more secure access to applications that are created and run on blockchain networks. These are known as decentralised apps or “dapps”. They are much like the apps we use on our phones today, with the exception being that instead of running and storing data on centralised networks provided by tech companies, they run on blockchain networks. With blockchain phones like Exodus 1, it becomes easier for users to directly access and makes use of dapps without any hassle.
Blockchain phones and the future of smartphones
Ever since its invention, the blockchain technology has promised to offer its users transparency and security of data. However, since there are so many technical and unconventional elements involved in it, its structure can appear confusing and far too complex to an average tech user. There exists a huge knowledge gap regarding the subject, which means that people are either enthusiastic members of the blockchain community or know little to nothing about it.
It is the opinion of experts that blockchain phones might be able to help to bridge this gap between the two. Since these phones come with pre-installed dapps and make payments using cryptocurrencies easier, they form a gateway for average users to get a comprehensive experience of blockchain technology with a gadget they know and recognise – their smartphones.
There is another factor to consider here. Internet users today are becoming increasingly more concerned about the way their data is handled, stored and shared. With concerns about data privacy and hacks rising, blockchain phones like the Exodus 1, aim at providing users with a more secure form of protecting and sharing data. These phones store their user data on blockchain technology instead of cloud storage, providing peace of mind to users who value their digital property above all else.
With the launch of HTC Exodus 1, the idea of owning a blockchain phone has become more accessible than ever before. Blockchain enthusiasts can now easily own a device that serves their specific needs, while those new to blockchain have a feasible way of introducing themselves to the technology. However, whether blockchain phones prove to be a temporary fad or completely alter the face of the smartphone industry, only the future can tell.
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