26 Oct
2018
Technology

Sony is Developing a Cryptocurrency Hardware Wallet

George Nicholson

sony is developing a cryptocurrency hardware wallet

Japanese tech titans Sony are developing their own cryptocurrency hardware wallet.

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Sony, the electronics giant known for its pioneering technology, announced that it has developed its own cryptocurrency hardware wallet in order to help users store their digital assets which is set to be released soon.

The announcement made by Sony's Computer Science Laboratory division (Sony CSL) revealed that it had been in the process of developing a hardware wallet that would allow users to store Bitcoin, as well as other major cryptocurrencies, in a secure way. However, there are a number of differences that will set Sony's hardware wallet apart from the likes of the Trezor One and Ledger Nano S.

Unlike traditional USB hardware wallets, which allow users to simply plug into their computer and access their private keys and funds, Sony's CSL wallet would store a user's private keys on an IC card. Utilising a contactless IC card, users would then be able to complete crypto transactions and have them verified from a near-field communication (NFC) device. Sony's reasons for using an IC card stated that:

"There are cryptocurrency exchanges websites or services where the private key is managed by the wallet operator and not the user meaning that users are able to access to the wallet itself but do not manage their personal private keys."

Justifying their use of the IC card, Sony highlighted that there are "multiple possible applications" which would allow users to sign a transaction on the blockchain using their personal information. This is not the first time that Sony has publically announced that it will be using blockchain technology going forward after applying for a patent that uses blockchain in order to track digital right's management. 

Final thoughts

This latest announcement from Sony CSL will allow the company to commercialise their product and make their stamp on the world of cryptocurrency hardware wallet technology.