Finney: Blockchain-based smartphone soon, but not in India

Last Updated: Thu, Apr 05, 2018 17:06 hrs
Finney (Image Source: YouTube)

A blockchain-based smartphone might be soon in our midst.

Sirin Labs, a Swiss-Israeli technology firm, announced that FIH Mobile Ltd, a subsidiary of Foxconn, the world's biggest contract electronics manufacturer, will put together its Finney blockchain smartphone.

Sirin Labs had raised $157.8 million through an initial coin offering last December for developing this open-source blockchain smartphone and a blockchain-based personal computer.

The smartphone can store and use digital currencies such as bitcoin securely and these can be used transactions without paying any fees, Reuters reported.

This feature can work without using an exchange for the conversion of these digital currencies.

Vietnam and Turkey are where Sirin Labs plans to sell these smartphones. The company claims that over 25000 units have already been pre-ordered, Bloomberg reported.

The aim is to ship 100000 to a few million units.

India, though, might never see one of these phones make it to their shores any time soon. More so after the RBI monetary policy's announcement on Thursday that "entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs (Virtual Currencies)".

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