512GB is double the storage offered by the most expensive iPhone X (£1149), for one, so Samsung could conceivably offer twice the capacity and improved performance for the same (or even a lower) price than Apple's flagship.
Samsung's also announced that it "intends to steadily increase an aggressive production volume for its 64-layer 512Gb V-NAND chips, in addition to expanding its 256Gb V-NAND production". Samsung is utilizing their own 64-layer 512-gigabit (Gb) V-NAND chips for these, which will give you speedy copy and write speeds even at this size. However that could change in the future as Samsung has recently announced that they have begun to mass produce what they are calling an industry first, which is 512GB of embedded Universal File Storage (eUFS).
Samsung has confirmed nothing about which devices would be getting the new 512GB chips but we can assume that the phone maker's next flagship phone - Galaxy S9 - will have 512GB internal storage as an option.
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Aside from the increased amount of storage, Samsung has also implemented new power management technology into the new solution in order to minimize its power consumption that comes from having more storage on the solution. Today's handsets are capable of shooting 4K resolution videos, taking detailed photos, and playing increasingly larger and more complex games.
Samsung rates the new 512GB eUFS for sequential read speeds up to 860MB/s and sequential write speeds up to 255MB/s. To put that in a real-life scenario, a user would be able to transfer a 5GB 1080p full HD video clip in around 6 seconds. According to Samsung, the random writes of the UFS package are approximately 400 times faster than the 100 IOPS speed of a conventional microSD card. You'd expect UFS storage to be faster than a microSD card, but that's impressively fast.
It's possible Samsung includes these new chips in its next-gen smartphones, including the still-unannounced Galaxy S9 or Galaxy Note 9, both expected to launch sometime next year. Samsung did mention on its press release that the 512GB eUFS will be used for its "upcoming flagship smartphones and tablets".