In a press release issued on Tuesday, Sony Computer Science Laboratories, Inc., the research arm of the Japanese tech giant, announced the development of a contactless cryptocurrency "hardware wallet.” The storing product will use Sony’s integrated circuit (IC) card-based radio frequency identification (RFID) system.

The technology is designed to help protect users currently utilizing online wallets. The press release explains that when a user purchases cryptocurrency they receive a private key which provides them access to their cryptocurrency. If the private key is compromised by a hacker, then the user’s cryptocurrency is at risk of being stolen.

Sony’s technology will allow wallet managers to securely store private keys in the hardware wallet, independent of online networks, making it more secure. It will also include a mutual authentication and encrypted communication.

The hardware wallet will be user-friendly and portable, unlike the current standard which connects to computers via a USB. The release also states that it’s possible to “securely store and generate a private key with a highly reliable tamper-proof module within the IC card.”

In addition to storing private keys securely. The IC card-type cryptocurrency hardware wallet technology will also allow the sharing of personal information using blockchain technology.

“This IC card-type cryptocurrency hardware wallet technology is not only for cryptocurrency transactions but also for manipulating private keys used for other purposes, such as those for permitting the use of personal information using blockchain technology, ” the Sony press release states.

Sony’s release of the contactless cryptocurrency "hardware wallet” comes at a critical time as consumers seek higher security for their digital assets. In fact, The Japanese Financial Services Agency (FSA) recently banned hot storage of digital assets which is exactly the solution that Sony is offering.