Foxconn to develop world's first blockchain smartphone

Foxconn seems to be working on an industry first smartphone. As we know that Blockchain is all the rage at the moment, this seems the perfect time to unveil the first blockchain-based phone. Finney, developed by Sirin Labs, will a phone that will enable users to store and use digital currencies without having to shell out transaction fees, reports Bloomberg.

This also means that you no longer have to carry USB sticks with a digital wallet, instead, all the required information will be saved on the device. The device will have the capability to work without using an exchange to convert digital currencies and allow users to shop on portals such as Expedia with ease. Not just that, the phone will also allow users to turn it into a personal hotspot that can be rented out for digital tokens. As for the security, the phone will have an iris scanner and a fingerprint sensor, though users can also choose to log in through a passcode.

Foxconn's blockchain phone is slated to ship in October, with 25,000 units already pre-ordered. The phone will go on sale in Vietnam and Turkish markets. Sirin Labs hopes to ship a few million units in 2018, after raising $158 million through an ICO.

Foxconn also recently acquired Belkin, which has brands like WeMo, Phyn and, most notably, Linksys under its belt. The company shelled out $866 million as the final settlement, subject to approval from the Committee on Foreign Investment in the United States.

Foxconn best known for manufacturing iPhones will soon be powering some of the well-known routers and other accessories. Belkin, on the other hand, has been around 35 years and is well known for manufacturing wireless chargers, laptop docks, and smartphone cases. The company acquired Linksys back in 2013. This will be a major shift for Foxconn, making it an owner of three major consumer brands from being a background manufacturing partner.

Leveraging Belkin's strength in research and development capabilities and the consumer products channel, Foxconn Interconnect Technology (FIT) is expected to further tap into premium accessories and the smart home market. The transaction would also fuel the growth of Belkin's portfolio of brands and products and supports further investment in research and development and engineering to expand FIT and Belkin's presence in the US and key markets globally.