It’s the kind of announcement that is great news for the next generation of crypto owners; on Friday (July 27) Samsung announced that most smartphones were a safer option to store cryptocurrency than laptops, tablets and the so-called crypto wallets that have previously been regarded as an essential for all wannabe crypto customers, and can cost up to $200.
They may be considered somewhat biased, but according to Samsung, the gigantic South Korean corporation which – along with Apple – dominates the world’s smartphone industry, their phones are the safest option for crypto storage and transactions. While some crypto users currently use their tablet, laptop, PC or independent wallet for storage and transactions, smartphone downloaded app-wallets such as Blockchain and Jaxx are a far better, safer and more secure option.
The TEE Factor
Senior IT consultant Joel Snyder Ph.D., is a regular contributor to Samsung Insights. Snyder is an internationally recognized expert in the areas of security, messaging and networks, and he recently wrote an article detailing how smartphones are a significantly more secure option than laptops, tablets and other devices, because of the presence of the Trusted Execution Environment (TEE).
Basically, most smartphones exist in a native environment called the TEE, which operates as a separate execution environment, complete with its own memory and storage, independent and isolated from the smartphone itself. That is why nothing can reach the TEE, not even the phone’s own operating system (OS) such as Android, and potentially initiate alterations in its memory.
Most Smartphones Are Hacker-Proof
For example, if hackers were attempting to steal crypto from an individual’s smartphone account, they could not possibly break into the TEE and steal the private keys of the cryptocurrency wallet because as previously stated, the TEE exists completely independently of the smartphone.
Laptops, tablets and PCs rely on conventional storage units such as a hard disk or an SSD. Unfortunately, the security on these storage units is easily breached by a skilled hacker who could easily break into the computer’s storage and steal all relevant data needed to then remove the actual available digital assets – i.e., cryptocurrency.
As Joel Snyder explains:
“This is why smartphones have an edge over laptops and desktops for cryptocurrency wallets: without the benefits of the hardware-based TEE, the keys are more vulnerable. There is a significant caveat: a naïve wallet developer might choose to simply store the keys on the normal internal storage of the phone, in which case there’s little additional protection from using the smartphone platform. Or the wallet itself might be malware, in which case all bets are off. But with the right wallet leveraging the benefits of smartphone TEE, there’s no place safer to store your money.”