According to a report recently published by Bloomberg this week, Taiwan based electronics manufacturing giant Foxconn and Swiss-Israeli tech company Sirin Labs are teaming up in order to start mass producing Finney, the first ever blockchain smartphone device in the history of mobile handsets.
But wait -- what is blockchain? For those not familiar with the term, blockchain is the technology used to power bitcoin, which is perhaps the most well known type of digital currency or cryptocurrency in existence today. So how exactly does it work? Well, there are specific types of online transactions that create and pile up blockchains, which are basically like continuously expanding sets of data blocks that serve as transaction records. Blockchains are more efficient because they spread out the data they stored across a wide network of computers, as opposed to just keeping loads of information in one place (i.e. a central computer). While it is true that blockchain technology is useful when it comes to digital currencies, it can also be utilized in other scenarios, like determining if a prescription drug is genuine or not, or when verifying the authenticity of food bought through the Internet.
Developed first by Sirin Labs, the Finney smartphone will allow users to save as well as utilize various forms of digital currencies without needing to pay for transaction charges. In other words, future owners of any Finney unit will will no longer have to worry about bringing USB sticks every time together with their digital wallet. They can just use their smartphone, which has everything they need securely saved inside.
Moreover, Sirin Labs’ Finney will be able to function even without the use of an exchange in order to convert digital currencies. The handset will comes with the capability to allow consumers to purchase items from websites like Expedia. On top of that, the device can even serve as a personal hotspot, which can be rented out in exchange; for digital tokens. Of course, passwords can easily be used in order to guarantee some security, but with the prevalence of fingerprint and iris scanning technology today, the Finney smartphone can take full advantage of those biometric ID verification tools, too.
The Finney blockchain smartphone is expected to start shipping in half a year’s time, and 25,000 units of the device has already been preordered. Back in December of last year, Sirin Labs was able to raise about $158 million by way of an initial coin offering, and before the end of 2018, the company is looking to ship a few million units of the Finney handset to mobile markets. The first countries to get the device will include Sirin’s homeland Switzerland and Vietnam.
