Samsung is testing offline transactions

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Avatar for BrolySSJ
3 years ago

When it comes to cryptocurrency I think that everyone that is involved in this space is aware that cryptocurrency is an online system and that it requires internet access if you are looking to trade in a coin or even to make a transaction. After all, it is said that this is one of the factors that is limiting some countries in its adoption due to the infrastructure not having easy access to internet for all.

In the past I have come across quite a few of the wallets online that claim that they are able to provide users with online cryptocurrency transactions, however all of these turned out to be a scam. To be honest this was to be expected, because the transaction of crypto requires an amount to be sent, or request to be sent, followed by a confirmation, and therefore will require some sort of internet access to facilitate this communication.

However, Samsung is looking to try and change this when it comes to the centralised currency that South Korea is creating. In fact, the South Korean company Samsung is looking to integrate a wallet into their galaxy phones, in conjunction with the digital fiat currency of South Korea hoping to find out if offline transactions would even be possible.

At this stage it is just a theory and there is no confirmation whether it would even be possible to accomplish this task, however offline transaction could potentially increase the usability and integration of cryptocurrency and centralised countries into those that do not have the technological infrastructure available to them.

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