The A-Team for Digital Currency
In a move that’s buzzing louder than a smartphone on vibrate, Samsung Electronics has joined forces with the Bank of Korea (BOK) to explore the future of money—specifically, central bank digital currencies (CBDCs) that can function offline. This collaboration is goose-stepping towards some seriously high-tech advancements in how we handle payments without needing an internet connection.
Memorandum of Understanding: MOU For Us
On May 15, the two powerhouses formalized their partnership with a memorandum of understanding (MOU), reported by KBS World. Their mutual mission? Diving into the depths of offline capabilities for CBDCs. Think of them as two nerdy detectives, trying to crack the case of how to make digital dollars work in the fanciest of mobile devices.
A Peek Behind Closed Doors
Samsung isn’t just passively observing this digital currency evolution—oh no. They’ve already dipped their toes into the BOK’s CBDC simulation experiments. The first phase of the research focused on the nuts and bolts of issuing, distributing, and redeeming these digital coins. And now, the second act is all about retail use. Imagine walking into your favorite coffee shop and paying with your phone, all while sipping your caramel macchiato and pretending to be a tech billionaire.
The Sizzle: NFC Payments Without the Internet
This research aims to test the potential of remittances and payments using near-field communication (NFC) technologies on Samsung devices without requiring an internet connection. Pretty neat, right? Samsung’s vice president, Won-Joon Choi, emphasized their commitment, stating,
“Based on cooperation between the two companies, we expect to be able to make a great contribution to the development of global offline CBDC technology.”
High Security Meets High Tech
As if that weren’t enough, Samsung has also bagged hardware certification at the international common criteria evaluation assurance level six grade. This means that their security features are tighter than a pair of skinny jeans after the holidays. It involves next-level safety measures that promise to keep your digital funds as secure as a secret recipe.
The Other Side of the Coin
Yet, not all is groovy in the land of tech. Recently, Samsung clamped down on employee access to generative AI tools, like ChatGPT, citing security concerns after a mishap involving sensitive information. The internal memo was to the point: semantics like “HQ is reviewing security measures” don’t usually mean “Let’s have a party”—more like “Epic fumbles need a cleanup crew.” Banking giants such as JPMorgan and Bank of America are playing it safe too, raising eyebrows on how AI tools can impact their operations.
+ There are no comments
Add yours