Samsung has announced the launch of a private blockchain system in a bid to increase the security for its smart devices. The name of this system is Knox Matrix and it is being presented as Samsung's revamp of its current security settings.

The Knox Matrix solution will organise login tasks for all Samsung home devices while connecting them to the network. Meanwhile, the security system will also provide protection to the sensitive information that are circulating through other smart devices.

The Samsung Knox Matrix will share login credentials among all the devices connected to the same network and safeguard the devices against unauthorised access.

“Samsung Knox Matrix will function as a user's own private blockchain system, wherein your connected devices enhance security through multi-layered mutual monitoring. Whether your Samsung devices are based on Android, Tizen, or other OS, Samsung Knox Matrix will be able to provide a unified security SDK,” the South Korean giant said in an official statement.

With the launch of this blockchain security system, Samsung will make the security systems across all its devices uniform.

“With Samsung Knox Matrix, we envision that users need not compromise on their connectivity in order to stay protected. Samsung Knox Matrix is set to provide the devices within a user's ecosystem with fewer vulnerabilities through strong, diverse security practices,” the company's statement added.

For now, the company has not revealed detailed information on the working and blockchain dependency of this security system.

Samsung, in recent times, has been testing the Web3 waters with multiple initiatives linked to the sector.

Since Samsung launched the Galaxy S10, it added support for Bitcoin, Ethereum, ERC tokens, Tron (TRX), and TRC tokens to be held in its Blockchain Wallet.

The tech giant also allows Galaxy users to explore Decentralised Apps (dApps) that use blockchain technology to authenticate the exchange of digital assets.

Samsung is also moving briskly towards completing the development of its 3nm foundry processing chip, that would be able to facilitate the mining of Bitcoin.

As per August reports, Samsung is also exploring the idea of launching a full-fledged crypto exchange in South Korea next year.