Sony Plans On Developing A Cryptocurrency Hardware Wallet

Maja Mazur
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On October 23rd, the tech giant Sony announced its plans for the future development of a cryptocurrency wallet. It’s supposed to be an innovative product that can be described with three words: contactless, compact, original.

Tech leaders invest in crypto

Following the footsteps of other technology brands like Taiwan giant HTC or the Chinese Lenovo, Sony decided to get involved in the crypto world. The electronics industry giant opted for creating a new virtual wallet that will be a novelty in the field. The need for innovation runs strong in the Japanese minds. On October 23, Sony Computer Science Laboratories announced a development plan for contactless IC card cryptocurrency hardware wallet. The news has been shared with the world in a press release on the Sony website.

Innovative cryptocurrency wallet

Using the year-long experience with contactless IC card technology, Sony wants to develop a small and compact hardware wallet. The giant is planning to vie with other wallet providers by setting a high value on the security. A long-term storage of digital currencies has proven to be an easy target of hackers and scammers. That’s why Sony decided to use encrypted, private keys and use an offline storage solution. Unlike the competition, Sony’s IC card does not require a PC connection to access stored funds. Instead, the giant proposes a “contactless” card wallet. The solution allows digital money holders to make transactions via NFC-enabled devices.

Novelty in the crypto world

The Sony also introduces another innovation. The wallet not only does secure the private keys for the transactions but also manages keys for other purposes. For example, thanks to Sony’s new solution, those keys can be used in various blockchain-based applications. The tech giant wanted to create something that was much more than just a crypto wallet. It is supposed to be “an infrastructure technology with multiple possible applications,” as the press release states.

Future insight

For now, Sony’s hardware digital wallet is just a simple plan but already draws the attention of the whole crypto world. Although the company still hasn’t shared the release date of their product, a full commitment to the project was expressed. All the cryptocurrency maniacs certainly hope that unlike others, the tech giant will fulfill all the promises it has made. After all, a completely secure virtual wallet is something that all the traders could use at the moment.

 

Image by Faiz Zaki

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