Japanese technology giant Sony announced in a press release on October 23, it officially created a cryptocurrency hardware wallet. The name of the device is yet to be unveiled, however it will utilize IC smart card technology, which is quite popular in Japan as a form of communication with Bitcoin, as well as other cryptocurrency networks.

Developers from Sony Computer Science Labs (SCSL) say the advantages lie within dispensing the need to attach the wallet to a host device via USB (the current standard for the industry). “In addition, it is possible to securely generate and store a private key with a highly reliable tamper-proof module within the IC card,” the release explains.

In recent years, Sony joined many multinationals in experimenting with blockchain technology, according to Coin Telegraph, in which the company releases several solutions, while also applying for patents related to blockchain hardware.

Aside from sending and receiving crypto, the latest hardware wallet is designed to offer multi-purpose uses as well, stated the company. “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.” Sony continued within the release, stating: “It is an infrastructure technology with multiple possible applications.”

What remains unknown is if a mass rollout of the product will be scheduled in the future. Japanese financial services group SBI Holdings bought 40 percent of Taiwanese cryptocurrency hardware wallet company CoolBitX in March of this year, while leading security-focused hardware wallet supplier Ledger noted in July that it sold more than one million wallets throughout 2017, earning $29 million in profit.

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