Keeping Cryptocurrency Transactions Secure

By Get Connected Blog May 22, 2019

crypto-blockchain-wallet

SecuX Technology has chosen Bluetooth Low Energy connectivity for its latest hardware wallet that protects the private keys and PIN codes used for cryptocurrency transactions.

The amount of cryptocurrency trading activity has skyrocketed in the past few years, but security remains a concern among serious investors and the general public.

Security of cryptocurrency transactions

The increase in capital flowing through the systems has made plenty of people rich, but it’s also attracted those looking to cheat the system. Any incident of cryptocurrency exchanges and/or wallets being hacked makes a splash in the news.

Those looking to buy, keep, or trade cryptocurrencies face a confusing choice of wallets, the place where the cryptocurrency is essentially stored. Whether virtual or physical, all wallets work in the same way. They store public and private keys that allow the owner to use and receive cryptocurrency.

Read more: Blockchain for IoT Security

During a cryptocurrency transaction, what actually happens is an exchange of ownership rights between the wallet addresses. The private key stored in the wallet must match the public address the currency is assigned to. The balance changes if the keys match. This transaction is then recorded by a permanent record on the blockchain.

The importance of hardware wallets

For anyone involved in cryptocurrency as a trader or investor, security of the keys and transactions is the number one concern.

Hardware wallets are secure devices that store private keys and never reveal them, even when connected to the internet.

While it may seem counterintuitive to use a hardware solution with a digital currency, the security improvements make it a top choice for investors. As with many security issues, there’s a trade-off. Private keys and PINs stored in software-based or cloud-based wallets are convenient, but susceptible to malicious attack.

A new hardware solution

SecuX Technology, Inc., a Taiwan-based blockchain security company, has announced its SecuX V20 hardware-based wallet.

A user’s keys are stored and isolated in the device’s ‘vault-grade’ CC EAL5+ (Common Criteria Evaluation Assurance Level) certified secure element chip. To make a transaction, the SecuX V20 can be paired to a Bluetooth 4.0 (and later) smartphone, tablet, or PC using Bluetooth Low Energy wireless connectivity. There’s also a USB fall-back option.

Once connected to the host device, the web- and iOS-based SecuX app enables the user to access the blockchain to send and receive crypto assets, as well as check their account balance. The device supports current major cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and ERC-20 Tokens.

Inside the SecuX V20 is the Nordic nRF52840 advanced multiprotocol System-on-Chip (SoC) to provide the secure Bluetooth wireless connectivity. On the outside, the colour touchscreen and rubber-based aluminium frame makes this a robust product that’s easy to use.

While using a hardware wallet doesn’t prevent all risks with cryptocurrency transactions, it does dramatically improve protection compared to the vulnerabilities of software wallets.

It also further demonstrates Bluetooth’s fit-for-pupose in applications with even the highest security demands.

 

 Read more about  nRF52840 Development Kit

 

 

Topics: bluetooth, security


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