In a recent announcement, technology giant Samsung revealed that it was turning to blockchain tech in its bid to develop an additional security layer to its smart devices and consumer electronics. The new blockchain network, dubbed Knox Matrix, is designed to operate as an independent network whose sole purpose is to give millions of Samsung device users the added security and protection that they need.
The company revealed that the blockchain network would be operational on all Samsung devices regardless of the operating system running those gadgets. This means that devices having Tizen, Android or other operating systems would all be eligible to receive the software development kit (SDK) intended to conduct analytics with a view to improving the security of the user of any Samsung device.
The announcement emphasizes that all the connected Samsung devices of a user will monitor one another through the blockchain’s distributed ledger so that threats or potential vulnerabilities can be quickly detected and thwarted. The monitoring will be multilayered.
The company aims to allow users to increase their level of connectivity without sacrificing their security. The Knox Matrix makes this possible by creating an ecosystem encompassing all the connected devices of an individual user and then bringing to bear various security protocols in order to keep threats at bay.
While launching Knox Matrix, Samsung announced that it was working with Google in order to make the experiences of smart/connected homes even better. This collaboration increases the flexibility afforded to users because there will be a seamless interaction between Google and Samsung devices in a connected home.
Interestingly, the Knox Matrix project isn’t Samsung’s maiden entry into the blockchain world. The company has been active as a participant in numerous funding rounds by entities within the web3 segment. Samsung holds considerable ownership stakes in several notable blockchain companies, including Sky Mavis, Animoca Brands and Yuga Labs. When tech companies are ranked based on how sizeable their investment in blockchain and web3 businesses is, Samsung comes in first among the top 40 technology companies, including Alphabet (the parent company of Google) as well as Microsoft.
When Samsung’s investments in the blockchain space are analyzed, it is clear that the Korean tech firm is largely focused on web3 social media platforms along with gaming and non-fungible tokens (NFTs).
As these major tech companies deepen their involvement in the blockchain space, they give the industry added credibility among members of the public that are still skeptical about the prospects of this industry. With time, a growing number of people will end up paying attention to companies, including Bit Digital Inc. (NASDAQ: BTBT), that are at the forefront of taking blockchain applications to the layperson on the street.
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