In a recent report by the Bangladeshi newspaper, The Daily Star, it was revealed that the first ever blockchain-enabled smartphone will be released in Bangladesh by October of this year. This blockchain smartphone is called Finney and is considered to be among the most expensive smartphones to be sold globally alongside the Samsung Galaxy S10 and the Apple iPhone XS.
What makes the Finney smartphone extraordinary compared with other mobile gadgets?
The blockchain component of this device makes it extra special compared with the ordinary smartphones that the communications technology market has right now. According to its manufacturer,
“Before the Finney, you needed a ledger, you needed a computer, you needed wallet software and then you needed to go to an exchange, and then you could convert. The Finney does all of this in one phone.”
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Finney is set to revolutionize the way that people hold and utilize cryptocurrencies because the blockchain smartphone makes everything convenient and simple. A single mobile device can already serve as your crypto wallet and your exchange. Its main features include a built-in cold storage wallet, a decentralized application ecosystem, a token conversion service, three-factor authentication, secure communications, and a behavioral-based intrusion prevention system.
Why is Bangladesh the chosen pilot market for the release of the Finney blockchain smartphone?
Technically, everything seems to be all set for the launch of Finney in the country. First and foremost, the regulatory mechanism in Bangladesh has now cleared its path for the importation of the Finney blockchain phone last August. The approval of the phone importation and local release was through the Banglad Telecommunication Regulatory Commision.
Second, there are a lot of economic and financial potentials in Bangladesh for the telecommunication and technology companies. A report from GSMA Intelligence entitled “Country Overview: Bangladesh Mobile Industry Driving Growth and Enabling Digital Inclusion” has revealed that Bangladeshis are among the fastest growing population in terms of mobile phone usage, mobile internet subscription, and smartphone patronage. With such huge potentials for businesses, then there is no doubt that it was chosen to be the launching site for the new Finney blockchain mobile device. As the GSMA assert,
“In addition to the contribution that the mobile sector will continue to make towards the attainment of Vision 2021 and the SDGs, it is important to consider how the mobile ecosystem in Bangladesh is already a vibrant contributor to the local economy. It consists of mobile network operators, infrastructure service providers, retailers and distributors of mobile products and services, handset manufacturers and mobile content, application and service providers.”
Is Finney a local brand in Bangladesh? Does Bangladesh have the necessary technology for it?
Although we cannot discount the fact that Bangladesh has made significant improvements in their blockchain technology development initiatives, this new blockchain smartphone has not originated in the country.
It was designed and manufactured by Sirin Labs, a Switzerland-based company that envisions to lead cryptocurrency revolution by bridging the gap between the blockchain economy and mass market through an improved user experience and multilayered cybersecurity.
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First Blockchain-Enabled Smartphone to Launch in Bangladesh was originally published in Cryptocurrency Hub on Medium, where people are continuing the conversation by highlighting and responding to this story.