Technology that urges companies for blockchain mobile phones is itself a confusion. Chinese phone maker companies are set to revolutionise the mobile phone world by introducing the market with blockchain phones. There are only a few things like new technology that urged companies to find some way to be part of this trend. But the technology itself is a significant confusion, till yet.
The main reason for this urge is financial, as the companies want to have a healthy portion of whatever revenue new technology could generate for them. So, several companies are running to link themselves to blockchain technology.
In China, there’s a rush to make blockchain mobile phones to bring them to market for more financial improvements, but there is an interesting twist to these proceedings. A couple of Chinese companies have released products over the last few weeks, while other Chinese companies have blockchain phones in development.
R8 Unicorn is one of the blockchain mobile phone that is the product of Sichuan Changhong Electric Co., Ltd. This phone was released on March 16th this year, and is based upon the POW consensus algorithm, along with LBS location service & device fingerprinting technology. R8 Unicorn supposedly allows users to record data on the blockchain alongside letting them engage in cryptocurrency mining.
Lenovo S5, another blockchain phone by Lenovo Group was released on March 20th.
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Lenovo claims that Lenovo S5 features a blockchain-based payment space, noted as Z-space, that makes financial transactions much more secure than ever before.
But don’t get too excited because it may be premature. As the company clammed up when we pressed for more details on the Lenovo S5. While for the R8 Unicorn, you would not actually be mining Bitcoin on it. Lu Tianwen, is an industry analyst, who says that you will be mining the phone company’s virtual currency, which you will then redeem for rewards.
Actually, there is a lot of confusion concerning blockchain technology and mobile phones on the part of the manufacturers as well. Industry professionals are also not clear on what exactly blockchain mobile actually is and how it would be functioning.
Lu Tianwen opines that all this is only an attempt to ride the latest hot trend and the phone manufacturers are just taking advantage of people, while mobile phones are actually far from secure.
This is not the first time that companies are seeking to associate themselves with blockchain technology to boost their revenues. In 2017, Eastman Kodak saw a short-lived surge in their stock price when announced their plans to launch their own cryptocurrency, and Long Island Iced Tea saw its stock value doubled up when they changed their name to Long Blockchain Corp.
The Shenzhen Exchange and the Shanghai Exchange have begin to warn companies that try to lure in investors by fraudulently making claims of a blockchain connected mobiles. Seemingly, many people have shown themselves to be quite willing to throw money at companies who just spout blockchain on a regular basis.