The electronics giant Sony’s research division announced on October 23rd that their focus is on a contactless cryptocurrency hardware wallet.
The device has yet to be assigned a name or even a project title, but a hardware wallet could be used to store Bitcoin and other altcoin tokens in a secure offline environment.
According to the Japanese tech conglomerate and their official announcement, it was the Computer Science Laboratories division (Sony CSL) which first developed the cryptocurrency hardware wallet.
According to the press release, the hardware wallet utilizes IC card technology. “IC” is short for integrated circuit, a radio frequency identification (RFID) technology developed by Sony.
Unlike the common hardware wallets which connect to the PCs or mobile devices via an USB cord, the CSL wallet would store the private keys on a contactless IC card and therefore enable the user to easily sign transactions from the NFC-enabled mobile device.
As the announcement explains:
This IC card type hardware wallet is small, portable and useful, unlike typical existing hardware wallets that connect to PCs via USB. In addition, it is possible to securely generate and store a private key with a highly reliable tamper-proof module within the IC card.
The release also notes that the type of wallet card could have “multiple possible applications” such as requiring users to sign a blockchain transaction in order to authorize the use of their personal information.
Sony has been fairly present in the multi-national search to find use cases for blockchain technology throughout the last few years. They’ve also launched several solutions and applied for patents that involve the innovative ledger solution.
It’s very exciting to see a major corporation like Sony enter the cryptocurrency space. As companies develop new crypto technology, this adds value to the cryptocurrency industry by making the digital currency more convenient to use and easier to access.