Blockchain Phones Calling the Future of Telecommunications Posted on : Jul 21 - 2018

The emergence of blockchain technology has piqued the interest of a number of different sectors across global society. From finance, politics, economics, automotive and technology, blockchain is starting to take root. It is now being seen that communications could be the latest sector to benefit from this technological revolution.

There has been a predictive report that came out on July 11 from Marketwatch that is suggesting that blockchain technology will contribute as much as $1 billion to the telecommunications sector in the next five years.

When delving deeper into the growth that is already being seen by the telecommunications sector thanks to blockchain — as well as the move toward things like blockchain-powered phones — it is actually an unsurprising number.

If something like the automotive industry is already experimenting and discovering new use cases for blockchain technology — from blockchain DApps for Porsche, cobalt ledgers for BMW and safe-driving reward programs for Mercedes — then it should be expected that phones would soon follow suit.

Enter the blockchain-powered phone

Phone manufacturers are constantly on the cutting edge of innovation and technology. This is evident in the yearly releases of bigger and better iPhones and Samsung phones — for example, as these two giants of the space always look to one up each other.

But, there are now phone manufacturers that are trying to leave the competitive battle behind and start a new blockchain-based battle, which will see companies creating phones that are purposefully built for cryptocurrency enthusiasts.

However, it is not only the hardware — i.e., the phones — that will have a touch of cryptocurrency about them, the manner in which business is being conducted by these new blockchain communications industry leaders will also be familiar.

Sirin Labs’ November offering

Sirin labs is a Swiss-based smartphone developer which has a project in the works that will see a blockchain-based phone come to market in November of this year. The funding for such a project has come from an ICO.

Sirin managed to raise $157.8 million in their ICO, with the majority of that — $110 million — coming in the first 24 hours. This shows there is quite a keen interest in this project and the potential it holds going forward for phone manufacturers. View More