According to a press release this Tuesday, Sony, the research arm of the Japanese technology giant declared that it had created a contactless cryptocurrency hardware wallet.
The device has not been named yet but it utilizes Smart Card technology famous in Japan to communicate with bitcoin or other cryptocurrency networks.
According to the developers from Sony, the advantages lie in dispensing with the need to attach the wallet to host device through USB, as the current standards for the industry.
The release explains that: “In addition, it is possible to securely generate and store a private key with a highly reliable tamper-proof module within the IC card,”
Sony has partnered with various multinationals in experimenting with blockchain technology in recent years releasing many solutions and applying for patents associated with blockchain hardware.
Apart from cryptocurrency transactions, the most recent hardware wallet offering is programmed to include multi-purpose uses.
Sony also claimed that “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.”
It is not known when or if a mass rollout of the product will be planned.
SBI Holdings, Japanese Financial Services group bought 40 percent of CoolBitz, a Taiwanese cryptocurrency hardware wallet company. Leading security-focused hardware wallet provider ledger noted in July that it sold more than one million wallets last year getting a profit of $29 million.