“Cash in hand” has become a popular phrase in the cryptocurrency world. It is no secret that Cryptocurrencies such as Bitcoin are slowly gaining traction globally despite the ups and downs it experiences. The popularity of digital currencies has also made crypto exchanges essential platforms around the world. However, with many exchanges available in places like the UK, you might need to read reviews on the best UK crypto exchange to help you choose the right one. There are still more innovations in the crypto world, with experts exploring the possibility of a human microchip implant.
These innovations have been inspired by the challenges the industry is facing. For example, criminals have been looking at ways to infiltrate the blockchain and find their way into your crypto wallet. In this sense, keeping your wallet’s private key codes online or with an exchange is deemed unwise.
Some investors prefer using the old-school pen and paper, while others use dedicated hardware devices to safeguard their crypto assets. They believe that these methods are not accessible by hackers.
Wave to Pay
A Danish company BiChip revealed that its human microchip implant will ensure your cryptocurrency is always close to you by storing it in your hand- literally speaking. The crypto implant is an RFID/NFC chip the size of a rice grain.
Moreover, the company also stated that it is working on a system that could enable you to make cryptocurrency payments by simply waving your hand over a reader. Sweden is among the countries that have widely adopted body-modding. For instance, since 2017, travelers using the state-owned rail operator SJ have been using RFID hand implants instead of paper tickets.
Additionally, Three Square Market, working with Swedish company BioHax offers chip implants to its staff members. The RFID implant enables the employees to open doors and log into their computers or use other office machines. It also enables them to pay at the company’s vending machines. It proved to be a popular move with staff, but it received a lot of international condemnation, especially from privacy activists and religious organizations.
There are Hurdles to Overcome
This shows that wave and pay is a real possibility. However, the technology proponents have to overcome the hurdles that are facing its implementation. For example, some religious groups argue that body implants are the “mark of the beast,” hence scaring many people from adopting the technology.
Moreover, people are worried about putting the chip in their bodies because there are reports that it could be difficult to remove it. There are also health concerns that must be addressed exhaustively to be able to convince more people to adopt it.
What Does the Future Hold?
At the moment, the technology’s proponents argue that the hurdles are the typical teething problems all emerging technologies face. For example, there is a possibility that a new chip will be unveiled in the foreseeable future. The chip is expected to be smaller and easy to remove.
Additionally, there is a need for more practical use cases for the crypto implants that would develop them beyond wearable technology because smartwatches already offer safe storage and payment services.
