Tangem can be described as the latest smart banknotes which are structured with inbuilt chip technology that contains Bitcoin or any other type of cryptocurrencies. Further, these smart banknotes would make cryptocurrency transactions simple as fiat currency transactions; transactions done by using Tangem is instant and free. Moreover, Tangem is of Swiss-based crypt wallet origin, which developed Tangem Notes that permits the customers to carry their cryptocurrencies in material form.
Key features
- Tangem is the latest smart card technology which evolved as a breakthrough in microelectronics realized in the year 2017. Besides, this technology permits carrying and storing of digital currencies on plastic cards with an NFC and a chip inside.
- Another thing about Tangem is that it is identical to banknotes having a special chip inside described as “Secure Element.” Suffice to say, the user can sell or can give a Tangem note to anybody, where they can verify their value and authenticity by using their smartphone.
- Moreover, these chips are highly secure where they can be used for commercial issue identification of government identification. They can be used as gift cards, loyalty cards, ticketing, or any other applications that need digital proof, which is of physical or physical proof of digital currencies.
- Recently, Tangem had been bestowed as, well-funded startup and was placed in the top 20 blockchain startups. This research was done by Equal Ocean, an international information service provider and investment research firm.
Chip technology
Tangem’s tamper-proof chip technology had been developed and improved continuously over the years for government and military applications, like the identification and access controls, and also for telecom and financial industry like SIM cards and credit cards. This technology addresses the well-known attacks on hardware and software on all levels.
Chip-to-chain technology
- Tangem’s Chip-to-chain technology permits peer to peer transactions by generating and managing the key to the digital currencies within the card. By this, it takes care of the concerns about fears of fraud or authenticity by maintaining the full control of the crypto.
- This eliminates the need for an intermediary when the user needs to transfer from the card. The user just needs to add the required amount of the crypto asset to the Tangem card and can start using it securely and easily.
- Tangem clarifies its crypto storage products as “smart banknote for digital assets,” which had been designed to be used as a bank card; the product permits off-chain physical transactions, like using for in-store payments.
How chip-to-chain technology is used in blockchain’s business applications
- Tandem’s latest technology, known as Chip-to-chain technology, is the market for blockchain business applications, is gearing up as BaaS, which simplifies its implementation. Moreover, demand for these applications is anticipated to be strong, and further, it is expected that corporate users can exceed cryptocurrency miners.
- By using blockchain technology, it can help to bring in faster and cheaper transactions to the users. Besides, it will enable instant transaction validation and zero fees for transactions. By introducing physical banknotes, customers need not have an internet connection to make a transaction.
- Suffice to say, the off-chain physical circulation of banknotes will evict the technical infrastructure issues for the authorities.
Advantages of Tangem Card
A few advantages of the Tangem card are, it will now become physical banknote, which will come with a secured blockchain-enabled microprocessor within. Also, it will provide advantages of a banknote, at the same time, have the security of blockchain-based systems. These Physical notes would be 100 percent secure, transparent and decentralized. Moreover, it will represent a controllable system of currency circulation and issues.
Wrap up
In the coming years, Tangem’s revolutionary microchip will let users have full self-custody of their crypto assets in a physical card, giving them maximum security and convenience by offering at a fraction of a price. In this, physical transactions are instant, anonymous, and there are no charges. Moreover, it is fully decentralized, which will never be restricted by technological issues. We need to wait and see whether the Tangem card will be fully adopted in the future for transactions and will benefit its users.