Sony develops its own cryptocurrency wallet

Japanese tech giant, Sony is developing its own cryptocurrency wallet.

According to the announcement, Sony Computer Science Laboratories (Sony SCL) is currently working on a “contactless IC card type cryptocurrency hardware wallet technology by utilizing Sony Corporation’s IC card technology.”

The wallet would not only be commercialised by Sony but will also be able to store Bitcoin and other cryptocurrencies offline securely without forgoing convenience.

However, what makes Sony’s new crypto wallet special is the use of a contactless IC card.

Unlike other hardware wallets on the market like the Trezor One or the Ledger Nano S need to be connected to one’s PC using a USB cord. Sony’s wallet, however, will store the user’s private key’s on a contactless IC card which can sign transactions from an NFC-enabled mobile device.

The statement: “Sony CSL has developed a contactless IC card type hardware wallet which includes mutual authentication/encrypted communication technology by applying Sony’s expertise in contactless IC card technology cultivated over many years. The IC card type hardware wallet is small, portable and useful, unlike typical existing hardware wallets that connect to PCs via USB.”

When it comes to today’s cryptocurrency wallets, there is always the tradeoff between convenience and security. The most accessible wallets today are also the easiest to login to, which makes them less secure. Hardware wallets, on the other hand, are the most secure but must be plugged in every time for access. Through the use of IC cards, Sony SCL is working on an alternative solution that would integrate wallets into today’s wireless world through a proven, secure method.

Sony has been taking serious steps towards gaining strength in the cryptocurrency world.

It would be recalled early kn 2018, Sony formally applied for a patent for a digital rights management (DRM) platform. The patent was published by the US Patent & Trademark Office in April and it outlined a distributed ledger that would manage and store digital entitlement data on the blockchain.

This month however, it has gone furrher by unveiling the launch of their DRM platform which was being built on a “new framework.” The system would be built on a prior one for “authenticating, sharing, and managing rights to educational data previously developed by Sony and Sony Global Education.” The content supported by this system would include textbooks, music, films, games, audio, scientific data, VR content, and so on.

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