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Sony Moves into the Crypto Space: Making Wallets Safer

October 25, 2018

 

 

Today, the news went public that the electronics giant, Sony, has become the latest global business giant to announce the upcoming release of its own Blockchain project. In Sony’s case, however, this is not a dedicated private network with the aim of simplifying its supply chain or really anything that is business facing. On the contrary, what they have developed is a device that aims to simplify the experience of the average hardware wallet owner.

 

If you do not already know what a hardware wallet is, take a look at industry leaders like Trezor and Ledger  and remember that it is always statistically safer to store your data off-line, than online where hackers have direct access to it. Given that cryptocurrencies are, by definition, data that you possess on one of your electronic devices, than in their case, this advice is no different.

 

In responding to the growing trend of contactless payment methods, Sony has publicized information on what they are calling their own “contactless cryptocurrency hardware wallet.” On at least a basic level, the aim here seems to be to provide users with more security by eliminating the need for a USB connection to the computer when they transact with their wallet or exchange currencies. In citing research earlier this year, The Next Web reported that the fact that Ledger, hardware wallets need to connect via USB to do anything live, presents a vulnerability that hackers can exploit. If it works with Ledger, we can reasonably assume to an extent that it works with all of them. Therefore, with Sony’s new wallet, users will apparently never have to directly connect their Cryptocurrencies to their computers.

 

As the true launch date of the Sony wallet does not appear to have been specified yet, it remains to be seen whether their tech will hold up next to that of Trezor and Ledger, which both lead the space as of now, despite research indicating they have weaknesses.

 

 

By: BGN Editorial Staff

 

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