Sirin Labs announced that FIH Mobile Ltd, a subsidiary of Foxconn, will produce the first blockchain smartphone – Finney. The blockchain smartphone stores the digital currency securely and facilitates fee less transaction of digital currencies including bitcoin. Foxconn is a contract manufacturing firm.

The first blockchain based smartphone -Finney is capable of automatically converting the tokens for decentralized applications without the need to approach an exchange to get different tokens.

The company has mobilized funds worth $157.8 million through ICO in December. The proceeds will be used to develop a blockchain personal computer and a blockchain smartphone, which is based on open source.

Initially, Sirin, a Swiss-Israeli technology company, will market the blockchain smartphone in Turkey and Vietnam through eight outlets. The company has already received 25,000 preorders for the blockchain smartphone. According to the report, Sirin is targeting to ship a few million units in 2018.

According to the previous Bloomberg report, Sirin is gearing up to produce the world’s first blockchain smartphone in alliance with Huawei, a telecom giant. The smartphone will be capable of running blockchain based applications alongside the existing OS: Android. The development is not yet started and the talks are still in the nascent stage.

A Brief Information about Foxconn

The largest electronics manufacturer in the world, Foxconn is engaged in the production of best selling products like PlayStations, Kindles and iPhones on a contract basis. Now, the contract manufacturer is moving ahead to bring the blockchain based Smartphone to the general public worldwide. The general public will be able to use the cryptocurrencies for daily transactions. Foxconn will produce the groundbreaking blockchain based smartphone through its subsidiary on a large scale.

Millions of people worldwide have purchased bitcoins. But, only few of them intend to use the digital currency for daily transactions. Owners need to store the bitcoins in memory sticks and safeguard them with user ids and lengthy passwords to prevent theft. In the current market, it is difficult for each to get such a facility and secure the bitcoins. The initiative of Sirin will help to solve this issue.

The blockchain smartphone provides safety through a finger print, an iris scan and the simple password.