The blockchain, the distributed ledger technology, has the capacity to change how we buy diamonds, distribute energy and now revolutionise our smartphones.

Taiwanese-based smartphone manufacturer HTC is building the first-ever blockchain smartphone, named HTC Exodus.

The company wants to expand the blockchain ecosystem with the new smartphone, which will be dedicated to decentralised applications and security.

HTC’s chief crypto officer, Phil Chen, said the phone was an opportunity to empower people to start owning their digital identities.

“The Exodus is a great place to start because the phone is the most personal device and it is also the place where all your data originates from. I’m excited about the opportunity it brings to decentralise the internet and reshape it for the modern user,” he said.

In terms of the blockchain elements of the device, details are pretty scarce at the moment. What we do know is that it will feature a cold-storage wallet.

If you own cryptocurrency like bitcoin, you store them in an online or “hot” wallet, which basically means you log the private details about the cryptocurrency you own.

However, with concerns around cryptocurrency safety and hacking, people are encouraged to take their crypto offline in a cold storage wallet, which sort of acts like a savings account.

By taking the coins offline it means that no one will be able to hack the wallet and get into them. If you have a lot of bitcoin or other cryptocurrency, this is generally recommended.

We’ll have to wait till closer to the release date to see where more of the decentralised application aspect comes in, but on the basis of the cold wallet it looks like the HTC Exodus is aimed at those who are into cryptocurrency specifically.

The HTC Exodus will be available on early-access in the third quarter of 2018 everywhere apart from China and will likely cost around $1,000, Chen told The Verge. You can sign up for early access here.

As well as the HTC Exodus, the company is making other moves in the blockchain space.

Cryptokitties, a blockchain-based virtual reality game, that allows players to purchase, breed and sell different types of digital cats, is coming to HTC devices. This is the first time a blockchain game has been available on mobile.

The game will be available on the HTC U12+ first and selected HTC devices in the future.