The decentralization of the Internet and blockchain technology bring many benefits to everyday life and the economy. New Web 3.0 solutions and devices based on blockchain technology and token-based applications simplify crypto transactions. However, along with the many benefits, new applications such as crypto wallets also bring risks as new threats and attack methods emerge, including cryptojacking and endpoint attacks. Most of the attacks aim to leak the user’s credential, which is the essential key to perform transactions. With SECORA Blockchain, Infineon Technologies AG provides developers with a reliable security solution that can be used to implement secured transactions, for example enabling easy and secured Web 3.0 payment transactions for everyone.
Cold wallets, also known as hardware wallets, are one way to protect cryptocurrencies and tokens. They store and manage users’ private crypto keys and credentials on a physical device, such as a flash drive, that is not connected to the Internet. In this way, they protect digital cryptocurrencies from cyber-attacks. If the application is implemented on regular MCUs, the system can be easily compromised and its contents stolen. This can be prevented with Infineon’s SECORA Blockchain, a fast, easy-to-use security solution that provides best-in-class security for blockchain system integration. SECORA Blockchain can be implemented to generate and manage private keys that allow users to securely access blockchains.
Infineon supports cold wallet projects
Function X is a layer 1 blockchain network built for exchanging cryptocurrencies and other digital assets in a secured, scalable and decentralized manner. Its team is working to bring the benefits of Web 3.0 into everyday life. To support Web 3.0 development Function X has launched p(x)Card, an innovative easy-to-use cold wallet card. With this card, users can store the private key securely inside the card offline serving as a key card for day-to-day transactions.
To increase the security of the p(x)Card, it relies on the SECORA Blockchain solution. “We are thrilled to have Infineon on board for the p(x)Card project,” said David Ben Kay, President of Function X Foundation. “The team has extensive experience in developing robust security solutions and brings a high level of expertise that is critical as we move into the new era of Web 3.0. These contributions will give our users the confidence they need to break new ground. We look forward to working with Infineon to push the boundaries of what is possible.”
“We are pleased to provide a security solution that simplifies Web 3.0 payments,” said Maurizio Skerlj, Head of Identity Solutions at Infineon’s Connected Secure Systems Division. “For example, to make a crypto payment transaction, p(x)Card users simply open the p(x)Card app and enter the recipient’s wallet address or they can use NFC supported blockchain-based point of sales devices. Once the p(x)Card is swiped, the transaction is complete. The entire process is backed by hardware security, namely the SECORA blockchain.”