Sony, the Japanese technology giant has announced its creation of a multi-application contactless cryptocurrency hardware wallet.
According to developers at Sony Computer Science Labs (SCSL), the device will utilize IC smart card technology to communicate with Bitcoin (BTC) or other cryptocurrency networks.
A basic plus to the Sony wallet is its ‘contactless’ feature. By this feature, Sony discarded the common crypto hardware USB to host device feature and launched a totally independent hardware wallet which does not require attachment to a host device (computer) via USB to access the crypto network.
The Sony wallet will offer users ‘multi-purpose’ utility besides receiving, sending and securing their coins. These multi-purposes include the use of IC smartcard technology to securely generate and store user private keys for cryptocurrency transactions; within the tamper-proof module of the IC card. It will also enable users manage their private keys for other purposes including permitting use of personal information through blockchain technology.
Sony has in recent times engaged in experimenting with blockchain technology; from releasing crypto and blockchain products to applying for patents related to blockchain hardware.
An official name, release and mass roll-out date for the Sony wallet is yet to be scheduled.
Cravings For Hardware Wallets
With the security of digital assets being a key issue in the cryptocurrrency industry, the cravings by enthusiasts and crypto holders for hardware wallets are understandable. Hardware wallets have overtime proved more secure and less susceptible to security breaches which may occur on regular online, web or cloud storage platforms and exchanges.
A major advantage of hardware wallets is their offline system which does not require users to connect to online portals unguarded; as in the case of web based wallets. This offline system reduces the risk of any possible hacks in contrast to online platforms which are a more easy target.
Statistically, Ledger Nano another popular crypto hardware wallet brand; had posted over $29 million in profits from sales of about 1 million hardware wallet devices in 2017. The figure is widely attributed to the huge influx of new users in the crypto industry and the fun fare boom in digital asset prices last year.
Do you own a hardware wallet? What extra security measures do you employ for storing your coins?