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Sony Reveals Contactless Hardware Crypto Wallet

Japanese tech giant Sony revealed in a press release on October 23 that its latest invention is a contactless crypto hardware wallet. The device, which currently remains without a name, uses IC technology for smart cards, which is a popular technology in Japan used to connect to BTC and other crypto platforms.


 

The developers of the project from SCSL have stated that the main advantage of this device is the possibility of having the wallet attached to another device using a USB connection, which is the required standard for the crypto industry. Furthermore, users can also produce and keep a secure private key via a reliable system that is free of any tampering within the smart card.

This is not the first venture for Sony in the blockchain industry, as they have partnered with many multinational organizations during the past few years to experiment with blockchain-based projects and indeed launched various crypto solutions. Sony has also regularly been applying to receive copyrights for blockchain devices.

Multiple Applications for the Wallet

The company has also stated that users will not only be able to trade in cryptocurrencies, but the gadget was created to provide many other benefits as well, according to the developers. The tech used to design the IC-based wallet handles users’ private keys for crypto transactions, and it also handles those designed for other needs, like authorizing access and use of the users’ private data using blockchain tech. It is an advanced technology with multiple different applications.

The launch date of the product is not yet known. Last March, SBI Holdings, a financial services firm in Japan, purchased a 40% share in the crypto hardware wallet organization CoolBItX, which is based in Taiwan. Ledger, a leading supplier of the hardware wallet, stated last July that it sold over 1.1 million wallets last year alone, gaining profits amounting to $29 million.

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