Sony Moves into the Crypto Space: Making Wallets Safer
October 25 2018 - 12:40PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
October 25, 2018 -- ADVFN Crypto NewsWire -- 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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