A new ‘smart bank note’ has launched in the Megafash Suntec City Store in Singapore this week, which has been designed to encompass a physical Bitcoin note.
The notes are currently available at values of 0.01BTC and 0.05BTC and are aimed to radically improve the simplicity and security of dealing with cryptocurrencies. The format has been designed to be both useable for new users and of course, to crypto-veterans with a wealth of experience.
From a technical perspective, the notes have been produced from a chip from a Samsung Semi-conductor, therefore the technology backing the note is certified to the highest cryptographic regulations, namely the common criteria EAL6+ and EMVCo security standards.
The team working on this project come with great authority and include figureheads from a number of major companies such as Visa.
The roll out in Singapore is of course the first step for Tangem, as time goes on the company plan to issue notes across the world, with the first run of production expected to produce 10,000 notes, all of which will be used within commercial pilot schemes.
As it stands, Tangem do already have a worldwide reach, with operations in Switerland, Russia, Israel, Taiwan, China, South Korea and of course, Singapore.
Interestingly, the notes use NFC technology, much like you find in contactless payment cards and on mobile phone payment systems such as ApplePay and AndroidPay. The cash-like system allows for real life payments top be made in a safe and easy to use format.
Cryptographic links to the blockchain ensure that payments are anonymous and instant, and the transparency ensured by the blockchain means this is an open platform with real implications for cryptocurrency adoption and mass production.
As a product, this may very well spearhead a new wave of cryptocurrency adoption, making it even easier than ever for ordinary people to pick up a smart banknote and start spending cryptocurrency.
This will provide our economy with a great boost, hopefully, we will start seeing Tangem Smart Banknotes on our high streets too.
See more about Tangem for yourself, here- https://tangem.com/.