Tangem, a unique smart card wallet provider, has obtained a patent in the United States for its innovative method of backing up private keys. The patent covers a new system that allows for the offline generation of a pair of private and public keys, followed by the online backup of the private key. This blend of online and offline systems provides an extra layer of security, making it more difficult for hackers to gain unauthorized access to sensitive information.
The innovation lies in the fact that, typically, the generation and backup of private keys for blockchain-based assets occur online, which exposes them to potential security breaches. Tangem's newly patented system, on the other hand, generates the private key offline, stores it on a physical device like a smart card, and only backs it up online. This allows the user to recover their assets in case of loss or theft of the physical device, while also reducing the risk of online hacking.
Tangem's approach to blockchain security is part of a broader trend in the industry towards hardware-based solutions. As more people invest in cryptocurrencies and use blockchain technology, the need for secure, user-friendly ways to manage and protect digital assets is becoming increasingly critical.
As the industry evolves, companies like Tangem are pushing the boundaries of what's possible in crypto security. With this new patent, Tangem is helping to pave the way for a future where managing and protecting digital assets is as straightforward and secure as handling physical cash.
Experts believe that hardware-based solutions such as Tangem's smart card wallets could play a key role in bringing cryptocurrency and blockchain technology to a wider audience, thereby fostering greater adoption and acceptance of these emerging technologies. The company's new patent is a step towards realizing this vision, demonstrating the potential of innovative hardware solutions to address some of the most pressing challenges in the world of digital assets.