There’s no denying that the glory days of BlackBerry Ltd.  (TSX:BB)(NASDAQ:BBRY) are behind it, which is sometimes very hard for people to hear. I have a colleague who is insistent that people are just dumb; if only they realized how great BlackBerry phones really were. But the unfortunate reality is that Apple and Google won, leaving BlackBerry far behind in market share for phones.

However, whether it’s because the rest of the world is so completely inept or BlackBerry is just so darn good, the company remains and has a bright future ahead of it because of the one thing the company has always excelled at: security.

If you buy BlackBerry, you are buying it not because you think its phones are going to one day be the “hit” thing again, but because you understand that BlackBerry has become more of a niche company focused on security. Once you understand that, you’ll realize there is a lot of potential for this company.

There are two places I see revenue coming for BlackBerry.

Security for Phones

The first is pretty self-explanatory. It recently formed a partnership with Samsung to help the company create enterprise-level products. If there’s one place that BlackBerry still has market share, it’s in that sector.

I remember reading an article about everyone that went to Davos for the World Economic Forum and it commented about how most people had two phones, one of which was a BlackBerry. The reason for this is because these powerful people trust BlackBerry to keep their important data secure.

Partnering with Samsung will allow the company to expand its reach to more potential customers, likely gaining a licensing fee for every phone that is sold.

Security for the Internet of Things

This sector is new and I believe it will be the bread and butter for BlackBerry. There will come a time in the near future when average household appliances will be connected to the Internet: sharing data, transacting, and allowing you to control things from afar.

This is awesome in a futuristic kind of sense, but it’s also very risky. If a hacker can gain access to your thermostat, they can then gain access to your entire network. The hacker could easily install keystroke technology onto your computer to then steal from your bank.

BlackBerry and its QNX software is going to be one of the most secure operating systems for the Internet of Things, which will give it access to a multi-trillion dollar business. The reason manufacturers are going to trust BlackBerry is because they know the security will be top-notch.

Should You Buy?

I’m a proponent of BlackBerry. I think there is a bright future ahead of it. I believe the correct price for BlackBerry is around $19-20; therefore, it is grossly undervalued right now.

The way to play this is to buy it and forget it. You’ll get heartburn if you try to track it daily or even weekly. However, I think BlackBerry can succeed in the next few years if it grows its partnerships in phones and expands into the Internet of Things.

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Fool contributor Jacob Donnelly has no position in any stocks mentioned. David Gardner owns shares of Apple, Google (A shares), and Google (C shares). Tom Gardner owns shares of Google (A shares) and Google (C shares). The Motley Fool owns shares of Apple, Google (A shares), and Google (C shares).