On May 26, it has been reported in a press release that the solution consists of a Secure Element (SE) chip S3FV9RR and “enhanced” software, as it is designed to secure the booting process, isolated storage, and mobile-based payments.
However, the new SE chip is certified with Common Criteria (CC) EAL 6+ security standard, which is used in applications with the most rigorous security requirements, namely e-passports and cryptocurrency hardware wallets, as it can be used in any mobile device, and will work independently from the device’s main processor.
The Korean tech giant’s security chip will protect cryptocurrency transactions on smartphones and tablets, potentially leading to wider adoption https://t.co/00U7DeuN7b — Cointelegraph (@Cointelegraph) May 26, 2020
The report mentioned cryptocurrency transactions as one of the primary purposes of the S3FV9RR chip, which is expected to be available in Q3 2020.
Security Chip | Image: Help Net Security
Dongho Shin, the Senior Vice President of System LSI marketing at Samsung Electronics, said:
“In this era of mobility and contact-less interactions, we expect our connected devices, such as smartphones or tablets, to be highly secure so as to protect personal data and enable fintech activities such as mobile banking, stock trading and cryptocurrency transactions.”
Thus, Samsung’s interest in cryptocurrencies and blockchain is well known, as the corporation has invested in numerous DLT startups, and has integrated the technology in its own products.