Chinese smartphone manufacturing behemoth, Huawei is reportedly looking to build a blockchain-capable smartphone. If successful it, would be the first ever foray of a smartphone manufacturer into the world of blockchain and cryptocurrency.
In the last couple of years, blockchain technology has been catapulted to a place of prominence within the global business process. Several corporations have conducted tests and studies on potential blockchain application in areas like supply chain management, inventory control, registry management, etc. While interest in blockchain continues to grow, the use of digital assets in everyday activities is still minimal at best. For the most part, cryptocurrencies remain a speculative investment which people aren’t keen to spend.
Collaboration with Sirin Labs
Earlier in March 2018, rumors began to circulate of an impending partnership between Huawei and Sirin Labs after some photos of officials of both companies emerged online. Bloomberg reported that it appears the partnership rumors are true as Huawei is looking to make a blockchain-capable phone. The Chinese smartphone maker is reportedly in negotiations with Sirin Labs, in a bid to license the latter’s SIRIN OS on its new blockchain smartphone. The SIRIN OS will run alongside the Alphabet Inc. Android Operating System. With the SIRIN OS, the phone will be able to run blockchain applications.
According to Bloomberg, these plans were made known by a couple of sources who pleaded to remain anonymous since the talks are still private. Sources say the negotiations are still pretty much in the preliminary stage. They also revealed that no concrete agreements have been reached as yet. Representatives of both the Chinese smartphone company and the Swiss blockchain firm have confirmed the ongoing negotiations, but no specific details have yet been made official.
Sirin Labs for their part are planning to release a legacy blockchain-capable smartphone called “Finney.” The phone is expected to be released during the summer of 2018 and will likely be sold at a retail price of $1,000. Nimrod May, a spokesperson for the company revealed that over 25,000 units have already been pre-ordered. The phone will have a number of notable features that will enable it to function as a blockchain-capable phone.
These features include a built-in cold storage wallet as well as a system that enables instant conversion of fiat to crypto. The device consequently offers quicker access to blockchain applications that require cryptocoins instead of going through the hassle of using an exchange platform. In summary, the Finney will have a built-in cold wallet and an exchange platform.
Huawei’s Expansion Drive
This new move by Huawei ties into its aggressive expansion drive. In addition to delving into the world of blockchain smartphones, the company is planning to expand its reach into overseas markets. Having already secured a sizable share of the African smartphone market, the company is looking to target both Europe and America. The company is reportedly in negotiations with U.S. carriers about the possibility of selling its phones in the country.