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The smart wallet: A new solution for spending crypto funds via smart electronic devices

The smart wallet is a device able to give access to crypto funds by managing the electronic currency in a safe mode. This idea has been implemented through a new smart electronic device, the Ledger Nano X, which has been presented at CES 2019 (see Figure 1):

“The Ledger Nano X is the latest crypto hardware wallet sold by long-running wallet maker Ledger…. The wallet is Bluetooth-enabled, CC EAL5+ certified, and backup-enabled. It uses the same technology found in credit cards and passports to secure your data. It also supports over 100 applications, which means you can potentially store 100 different cryptocurrencies on the device (with over 1100 supported cryptocurrencies in total). The biggest difference between the Ledger Nano X and other Ledger hardware wallets is the mobile-friendliness. The Nano X makes it easier than ever to spend funds from your wallet using your smartphone. Spending your funds from your Nano X is as easy as connecting to your phone via Bluetooth. There’s a new Ledger app that you can install. Just install the app, connect your phone via Bluetooth, and enjoy easy access to your cryptocurrency funds. Ledger unveiled the Nano X during January’s Consumer Electronics Show (CES) in Las Vegas. The wallet is already generating hype as a game-changer for crypto users who want to access their crypto funds more easily.” (Source: bitcoinExchangeGuide)

Figure 1

The Ledger Nano X, an innovative crypto hardware wallet presented at CES 2019 
(Source: bitcoinExchangeGuide)

The Ledger Nano X, an innovative crypto hardware wallet presented at CES 2019 (Source: bitcoinExchangeGuide)

The safety of such a smart electronics device is a key priority that allows the spending of crypto funds in a safe mode, that’s the reason why many big companies in the field of microelectronics are investing in developing safe microcontroller solutions like this (see Figure 2):

“With over 20 years’ experience in security, ST’s success is confirmed by its awards and certificates attributed by organizations such as EMVCo, Visa, Mastercard, EMVCo, China Union Pay, FIPS and Common Criteria. On top of that, ST recently became the first electronic component manufacturer to receive the “Label France Cybersecurity” for its secure microcontroller solutions, demonstrating the highest level of security given by these kind of products and the flexibility to address all markets. With its secure manufacturing chain, ST is able to provide a secure end-to-end solution for its customers. The security in ST’s secure MCU portfolio is also ensured by the high-level expertise of ST’s crypto experts, who have also designed the AES and Keccak cryptographic algorithms. The increasing number of connected objects gives criminals more opportunities to control a given asset by introducing malware or counterfeit software to control/harm the connected network. As such, there is a strong need for OEMs, utilities and network providers to be able to trust their connected objects by relying on the security of their assets or networks. Adding a tamper-proof secure element to one’s assets or IoT objects offers robust authentication, platform integrity and end-to-end security to ensure end-user privacy as well as data, IP and brand protection. Typical target applications for a secure element are printers, computers, gateways, IoT endpoints, and sensors.” (Source STMicroelectronics)

Figure 2

Click here for larger image 
The security certificates awarded to STMicroelectronics Company over the last years 
(Source STMicroelectronics )

The security certificates awarded to STMicroelectronics Company over the last years (Source STMicroelectronics )

What do you think of this idea? Do you think this solution will be effective and safely to manage crypto funds? Do we need to do more?

1 comment on “The smart wallet: A new solution for spending crypto funds via smart electronic devices

  1. RituGupta
    April 8, 2019

    I have been using the smart wallet app in my phone and it is very convenient to make fast payments for both online and offline transactions. However, I know there are risks involved but it is an inevitable situation when it concerns the digital platform. I guess should an unwanted circumstance were to arise, I'd deal with the financial institution later.

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