World’s First Blockchain smartphones Enter Bangladesh

Finney a Switzerland based Sirin Lab’s smartphone will be launched in Bangladesh market in October. The approval was already received by Sirin Lab in the month of August from the import authority of Bangladesh.

The Bangladeshi government last year decided to use $208 million IT project fund to send graduates for blockchain Training in India and Japan. The government wants to improve expertise in the fields of distributed ledger technology, artificial intelligence, machine learning, and cybersecurity thereafter planning to send 100 new IT graduates abroad.

The launch of the smartphone-based on crypto technology could have come in a better time due to the increasing usage of smartphones. A data recorded last year by the research company GSMA Intelligence that 75% of the population will have smartphones by 2025, while 41% will be accessing the internet using these devices.

The data also recorded the intensity of urbanized population buying smartphones, which are cheaper in the market. But the smartphone launched by Finney is more like a high-end-phones accessible in Bangladeshi market. The smartphone from Finney costs $999 last year while Samsung Galaxy S10 was available at $894 or 74,900 Taka.

The blockchain phone was successfully created by Switzerland based Sirin Lab after completing one of the five-largest initial coin offerings of 2017 which raked in $157.8 million. The smartphone from Finney comes with a built-in cold storage wallet with a decentralized application system and secured communications.

The co-founder and co-CEO Moshe Hogeg of Sirin Lab accept that Finney will offer many aspects of blockchain and cryptocurrency into a single device.

He further added that before the smartphone developed by Finney, there was a need for a ledger, a computer, a software wallet and had to go to the exchange to convert the cryptocurrency. But this smartphone does it all.

Electronic behemoth Foxconn Technology Group has manufactured Finney.