Could a Sony Crypto wallet be something we have in the future? A R&D division of Sony has announced a new contactless cryptocurrency hardware wallet for cold storage. Is Sony eyeing a move into the cryptocurrency space? Do you own a PS4? Would you use a cryptocurrency wallet that Sony develops to buy video games?
Sony Computer Science Laboratories, Inc. is the R&D arm of Japan-based Sony Corporation. In a press release, they revealed their work on a cold storage wallet that could hold cryptocurrencies like Bitcoin, Ether, Litecoin and more.
Sony’s proposed wallet would use the company’s contactless integrated circuit technology for added security and convenience for investors. Traditional hard wallets like the Ledger Nano S and Trezor wallets are USB-based, but Sony’s wallet would allow users to ditch the cord and access/sign their funds from any device with a near-field communication (NFC) chip.
Sony says that their wallet will be “small, portable and useful, unlike typical existing hardware wallets”. They continued to state that they would feature a “highly reliable tamper-proof module within the IC card” for increased security, something that all cryptocurrency investors need.
It is important to note that this is the R&D arm of the Sony Corporation, and many of their projects do not come to fruition. Many of their projects stay just as that – projects. However, perhaps being cognizant of this, Sony’s press release suggests that the company will push towards “commercialization” to further the “widespread adoption of blockchain technology”. We should see this as bullish – Sony could be hinting that they’re planning a bigger move into the world of blockchain and cryptocurrency.
Earlier this year, Sony filed with the United States Patent & Trademark Office to be granted a patent to store user’s digital rights data on the blockchain. Essentially, Sony filed a patent for a full-featured digital rights management (DRM) system that would be stored on the blockchain. A DRM system validates a users rights to access to certain media types, such as movies, music, video games, and more. It would make sense that a media conglomerate such as Sony would push forward with this type of technology.
Sony’s portfolio of brands reaching into various types of media that could provide a perfect environment for cryptocurrency. Who knows? Sony might even develop their own in-house cryptocurrency to pay for goods and services. Imagine not having to drudge up years old emails or receipts – it’s all recorded right on the blockchain!
With Sony’s own in-house currency, the options are limitless. They could keep the following in-house: payments, rewards systems, and much much more, especially as they seek to build upon their consumer products divisions such as Sony Music, Sony Pictures, and Sony Playstation.
Playstation users are already used to using digital cash to make purchases over the Playstation Network. Users are already using the Playstation Network to validate and access digital content, such as video games. The Playstation network would be the perfect place to start with this ecosystem – there’s already one in place.
What do you think? This week has been a busy week for patents. We discussed yesterday how Mastercard has a patent filing. Do you think this is Bullish? We all know Japan is one of the leading countries for cryptocurrency friendliness – using a brand like Playstation could really make this accessible for the millions of console users worldwide. Do you own a Playstation? Would you use cryptocurrency to pay for goods and services on the Playstation network if it came out? What do you think? Let us know on our Facebook page!
