World’s First Blockchain-Enabled Smartphone To Soon Hit The Market

According to recent news reports, the Bangladesh Telecommunications Regulatory Commission approved the world’s first blockchain-enabled smartphone for import in August and it will be available for purchase in the Bangladesh market in August. ten. The smartphone, called Finney, is a product of Sirin Labs is based in Switzerland and it is said to be the most secure and expensive smartphone on the market.

Sirin Labsleads in the field of communication technology. After more than two years of intensive research and development, Sirin Labs is ready to present its first product, a smartphone with no limitations and compromises. It is driven by the determination to provide uncompromising solutions. It is backed by substantial investment from some of the most respected players in this arena. It works on the vision of bridging the gap between the mass market and the blockchain economy through multi-layer network security and improved user experience.

Finney was first introduced in 2018. This dual screen smartphone has received much praise for its security features. The phone is designed and manufactured by Foxconn Technology Group, a Chinese electronics giant. Some of the notable features of the phone are secure communication, cryptocurrency wallet, decentralized application ecosystem, built-in intrusion system, etc. Finney’s launch in Bangladesh comes amid a growing trend of smartphone ownership in the country.

Foxconn Technology Group is a Taiwanese multinational electronic contract manufacturing company that ranks as the largest electronic contract manufacturer in the world. It is the fourth largest information technology company by revenue. It manufactures connectors and cable assemblies worldwide. It also manufactures loudspeaker enclosures, mainly for server PCs and desktop computers. Cable assemblies and connectors are used in a wide variety of industries such as automotive, consumer products, communications, medical, defense and computing. About 500 types of connectors are manufactured and sold under the Foxconn brand. Foxconn mainly serves in Taiwan, but it also has distribution centers in key cities such as Europe, Asia, and the Americas.

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Based on a 2018 report by GSMA Intelligence, the official source of industry research and reports, by 2025, 138 million (about 75%) will own a smartphone and 73 million (about 41%) will be a mobile Internet subscriber. In 2018, Finney launched for $999, while the value of the Samsung Galaxy S10 in the local market was $894. According to GSMA Intelligence, the growing urbanized population is buying more smartphone as cheaper devices are hitting the market. In this respect, Finney’s price is comparable to the high-end phones available in Bangladesh.

Moshe Hogeg, co-founder and co-CEO of Sirin Labs says that Finney combines many aspects of blockchain and cryptocurrency in a single device. He also stated:

“Before Finney, you needed ledgers, you needed computers, you needed wallet software and then you needed an exchange, and then you could convert. Finney does all of this on one phone. “

Sirin Labs developed the smartphone after one of the five largest initial coin offerings of 2017 ($157.8 million). Last month, the government of Bangladesh decided to use funds from a $208 million IT project fund to send graduate students to Japan and India for blockchain training. The government aims to send 100 new IT graduates abroad to enhance their expertise in the areas of machine learning, cybersecurity, artificial intelligence and distributed ledger technology.

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