Samsung: smartphones are more secure than laptops for cryptocurrency
A new Samsung-published paper argues that your smartphone offers the best crypto and blockchain security…
A new paper published by Samsung Business Insights has argued that if you want the best security for blockchain and cryptocurrency, you need to be using a smartphone.
The paper is penned by Joel Snyder, a senior IT consultant. He argues that the trusted execution environment that’s built into smartphones gives it the edge for crypto security over the likes of a laptop.
“The TEE is a separate execution environment with its own memory and persistent storage”, he explained, “completely isolated from the rest of the device. The Android OS can’t reach into the TEE, even if the former is completely compromised. The only way to get to and from the TEE is with an API that calls small applications running in the TEE ‘trustlets’. With a properly written wallet that uses trustlets to manage the keys, security is seriously tight”.
He then adds that “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”.
He does mitigate this slightly by adding that “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”. Yet he adds that “with the right wallet leveraging the benefits of smartphone TEE, there’s no place safer to store your money”.
The paper in full is available to read at Samsung Insights, here.