Smartphones have become a vital part of everyday life. Nowadays, calling people is the least of what you can do. You can listen to music, surf the web, post on social media, answer emails and more practically everywhere you go. One company, however, is planning to release a product that hones in on the financial aspects and possibilities with a device that specializes in cryptocurrency: the blockchain phone.
Taiwanese consumer electronics company HTC is close to rolling out their new device, which will be called the Exodus. Phil Chen, a leader in the technology’s development, discussed how the company wants to do more than just store data. Instead, Chen hopes that this product will revolutionize how people perceive, utilize, and understand the economics of digital property.
In order to understand how this could be a game changer, let’s briefly talk about how exactly this technology works. Basically, blockchain phones will act as nodes--hubs that log every transaction and can confirm their accuracy--which will make it easier for people to enter into and interact within the cryptocurrency market. Though it’s possible to download apps that do this type of work on non-blockchain phones already, having the software pre-installed could be beneficial to those with an interest in participating heavily in this market.
So what could this mean for real estate? Well, for starters, a lot less paperwork. Because blockchain technology utilizes virtual blocks that allow the approval and confirmation of information digitally, the process is more automated and expedited. Due to its efficiency, some states are attempting to put title documents into the technology. The Swedish government is now registering land and properties with blockchain. Any part of real estate that deals with ledgers could be a great candidate for the technology, making the process much quicker, simpler, and more cost-effective.
The blockchain phones could also add another layer of protection and security. A special hardware enclave would make hacking or tampering with any personal information much more difficult if the phone were to be stolen. Plus, information would be able to be retrieved via other nodes if your main device fails. Easily-accessible backup is a major plus.
However, because of the community nature of the technology, a cryptography flaw could be exposed and put data at risk. The fact that phones connect to so many different networks and interact with so many third-party apps could also be a source of anxiety for some.
There are definite pros and cons to blockchain phones, and the technology is still far too new to either fully endorse or condemn. But one thing is for certain: it’s an exciting time for innovation and technology, and there is still a lot of exciting exploration to come.