Sony Unveils “Contactless” Cryptocurrency Hardware Wallet
Japanese electronics giant Sony has announced that it is developing a new cryptocurrency hardware wallet using its IC card technology.
Japanese electronics giant Sony, through its research and development arm Sony Computer Science Laboratories, has announced that it is developing a new cryptocurrency hardware wallet using its IC card technology.
IC cards, also known as smart cards, are rechargeable cards typically used in public transport and photocopy machines among other applications, that work by simply tapping or touching a card reader.
The conglomerate’s latest move is an indicator of its belief in the potential for cryptocurrency and the underlying blockchain technology to achieve widespread adoption.
Contactless Cryptocurrency Wallet
Sony Computer Science Laboratories, a Sony R&D subsidiary, has published a press release saying that the company has developed a contactless cryptocurrency wallet that would store crypto assets like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) among others.
The hardware wallet uses Sony’s contactless integrated circuit (IC) technology that integrates “mutual authentication” and encrypted communication technology, making it a handy tool for crypto investors.
Unlike some of the popular but traditional USB-based digital hardware wallets in the market, the IC card contactless technology allows for the use of near-field communication (NFC). It means that a user does not need to connect to a host device like a PC physically.
The new hardware wallet is designed to be “small, portable and useful” the press release notes, adding that users will benefit from a “highly reliable and tamper-proof” technology that guarantee them security when generating and storing private keys.
Other than being highly secure for users when sending and receiving digital currencies, this hardware wallet will incorporate other uses, making it a robust multi-purpose wallet.
The company says that the IC card-type wallet will not only help a user to manage their cryptocurrency private keys, but also other private keys like those that would permit another party to access personal information on the blockchain.
Sony to plunge into cryptocurrency
Sony says that the company is developing “an infrastructure technology with multiple possible applications,” which suggests that the company looks at cryptocurrency and the blockchain technology industry as being awash with numerous future possibilities.
The statement concludes by pointing out that the company aims at pushing forward with the “commercialization” of its crypto wallet and will work towards creating an ecosystem that allows for “widespread adoption of blockchain technology.”
The development of the hardware wallet could be a pointer that Sony has bigger plans when it comes to its entry into the nascent cryptocurrency and blockchain industry.
Sony’s blockchain-based solutions
As much as the news elicits excitement within the crypto community, it is not the first time Sony is gravitating towards blockchain, and in this case, cryptocurrency.
In the last couple of years, Sony has sought to collaborate with several leading blockchain companies and multinationals in the use of blockchain technology. The company has released several blockchain-based solutions and filed patents related to the emerging technology.
Authentication and sharing system
In August 2017, the company announced the creation of an authentication and sharing system built using blockchain technology. Sony said at the time that the system would be built on the IBM Blockchain and powered by Hyperledger Fabric 1.0.
Digital rights management (DRM)
Earlier this year, the consumer electronics giant filed a patent with the United States Patent & Trademark Office for a blockchain-based digital rights patent. A digital rights management (DRM) platform makes it possible to validate user rights for access to media like music, movies, and video games.