The tool is made up of a Secure Element (SE) chip S3FV9RR and “improved” software. It is structured to safeguard the startup procedures, secluded storage facility and mobile based remittance.
The latest SE chip has received the Common Criteria (CC) EAL 6+ security standard certification. The security standard is utilized in applications with most stringent security needs such as e-passports and cryptocurrency hardware wallets.
Therefore, it can be utilized in any mobile gadget and will function on a standalone basis without any support from the main processor.
Interestingly, the media release points to cryptocurrency trades as one of the main uses of the S3FV9RR chip, which is anticipated to be rolled out in Q3 2020. Dongho Shin, senior vice president of System LSI marketing at Samsung Electronics, stated:
“In this era of mobility and contact-less interactions, we expect our connected devices, such as smartphones or tablets, to be highly secure so as to protect personal data and enable fintech activities such as mobile banking, stock trading and cryptocurrency transactions.”
Samsung’s enthusiasm towards blockchain and cryptocurrencies is widely known, as the corporation has taken stake in several DLT startups and has embedded the technology in its own systems.
Earlier in May, Samsung Pay joined hands with cryptocurrency Visa card platform Swipe, paving way for users to pay in cryptocurrency using Samsung Pay-supported gadgets.
Earlier this February, Samsung unveiled its new smartphone range, the Galaxy S20, which supposedly enhanced the embedded blockchain security features introduced last year in Galaxy S10.