Sony Unveils a New Cryptocurrency Hardware Wallet With Contactless Functionality

Japanese technology giant Sony is now venturing in the cryptocurrency hardware wallet business. Last week, through an official press release, Sony announced developing a new hardware wallet which can store cryptocurrencies more securely.

The company’s research wing the Computer Science Laboratories division (Sony CSL) said that the contactless crypto wallet provides high-end security features while still retaining the convenience on an online wallet. Sony’s crypto hardware wallet features a contactless IC card allowing users to store private keys. The IC card thus eliminates the need to connect the user’s PC or a mobile device using a USB cord. The contactless feature allows users to easily sign transactions using a NFC-enabled mobile device.

Sony said that it will be using the integrated circuit (IC) card-based radio frequency identification (RFID) system. Furthermore, the Japanese tech giant claims that its contactless wallet is more secure than other online wallets as it features encrypted communication and mutual authentication.

The press release notes: 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.”

However, the company says that in addition to storing digital assets and performing transactions, Sony’s hardware wallet has multiple use-cases. The company said: This IC card-type cryptocurrency hardware wallet technology not only manages the private keys used for cryptocurrency transactions, but also manages private keys used for other purposes, such as those for permitting the use of personal information using blockchain technology. It is an infrastructure technology with multiple possible applications.”

Sony has been working in the blockchain and crypto space since long. The company has filed multiple applications to its credit. Recently, two weeks back, Sony unveiled a Digital Rights Management System (DRM). The system deals with content infringement and authentication issues to protect the intellectual property rights.

Regarding the hardware wallet, Sony said that the company is planning to commercialize it. The company said, Sony CSL will continue advancing towards the commercialization of that ‘cryptocurrency hardware wallet technology’ that allows for safe and secure transactions of digital assets including cryptocurrencies with the aim of further…adoption of blockchain technology.”

With this new venture, Sony has certainly increased the competition bar challenging some of the existing players like Trezor and Ledger.