Blockchain technology. Photo: iStock
Blockchain technology is here to stay, and the US risks getting left behind. Photo: iStock

Chinese mobile phone makers are racing to launch blockchain related new models, though none of them can give a clear explanation as to how they are applying the technology, The Paper reported.

The Lenovo Group introduced its Lenovo S5 model last week, and Chang Cheng, vice president of the group, said the S5 boasts an encrypted secure payment “Z-space.”

The bottom layer of the system uses blockchain technology, which means it provides sevenfold protection to make digital payments more secure. However, as for how the blockchain technology is applied on the phone, the company failed to disclose further details.

In early March, Sichuan Changhong Electric also introduced its R8 model, which it claimed to be the first blockchain mobile in the world, with a minimum price of 2,999 yuan (US$474.59).

Guo Dexuan, chairman of the company, said the R8 is based on POW consensus algorithms, device fingerprinting technology and an LBS location service.

Guo said this enables users to do bitcoin mining while recording information such as fingerprint and geographical location using the blockchain technology.

However, some insiders in the mobile industry think such a blockchain phone is merely speculation on the concept.