Chip Manufacturer Infineon Rolls Out Blockchain Based Hardware Security System
SECORA, a blockchain security application that utilizes an NFC cryptochip, was introduced by Infineon Technologies. Once the system is tagged to a package, a customer will be able to verify the originality of a product by scanning the label, implying, SECORA functions an anti-counterfeit application.
It also offers cards with a built-in chip, so it may be utilized for wallets or to save keys for blockchain or other solutions.
Infineon, which has its headquarters in Germany, has a market cap of over €35 billion. Earlier this week, the company published its results for FY20 ended September 2020. Infineon posted revenue of €8.6 billion for FY20. The reported revenue was 7% y-o-y, in spite of Covid-19.
One of the issues faced by blockchain technology is to make the digital world applicable to real life. Data is saved in a blockchain and the identity is safely held on the NFC cryptochip. The combo paves way for creation of multiple applications, such as guaranteeing product’s originality or only tracking its sustainability. The system can be even applied for limited release collectible goods.
Infineon foresees several industries in which the aforesaid system could be utilized, from fashion technology to electronics and heath care. One of the main benefits is improved safety as the cryptochip holds the keys safely and blockchain will be difficult to alter. Therefore, the system ensures improved hardware and software security.
The handling of private keys will be a lucrative application. Even though mobile phones have safe isles, anything connected to internet will face some kind of risk. Rather than having the keys for wallets or business apps on the mobile, it would be safe to store in a physical card, thereby eliminating risks considerably.
Coders can purchase a bunch of ten cards and utilize Infineon’s software building kit to create apps. The app supports multiple blockchain technologies, with cryptography being the only restriction.
Infineon has mentioned Bitcoin and Ethereum, while providing some coding examples with respect to Ethereum blockchain. Considering the fact that the cryptographic cipher is secp256k1, the solution is also perceived to be compatible with Hyperledger Sawtooth, R3’s Corda, and many more.
Infineon joined hands with Austrian tech firm block42 to embed the Secora Blockchain system with its applications. A week before, it collaborated with the Singapore Government aided Tribe accelerator to promote the adoption of Secora.
Blockchain technology is being used to develop a plethora of anti-counterfeit apps, from DNA tagging to embedding into goods, counterfeit proof paper labels and other kinds of intelligent labels. However, the combo of Infineon’s cards and development kit paves way for programmers to develop unique solutions, which could demonstrate worthiness.