On 3rd May 2018, Tangem a smart bank note manufacturer launch Bitcoin(BTC) smart notes in Singapore. Tangem had announced the launch of smart bitcoin banknotes at Megafash Suntec store.
Tangem states that these Bitcoin smart banknotes are basically comparable to a well-protected banknote and are also cheap to handover to someone, as the denomination is very low.
Tangem says they are easy to use without the use of a complicated application and any special infrastructure. The two available denomination of the Bitcoin smart notes is 0.01 BTC and 0.05 BTC. A smartphone with NFC can be used to verify the validity of the Bitcoin smart notes.
A user would be anonymous while transferring ownership just like regular bank notes and the transaction will take place instantly.
The hardware used by Tangem is created from the Samsung Semiconductor’s S3D350A chip and claims to be the first cryptocurrency hardware storage solution in the market it is also complete electronic and cryptography certified EMVco and Common Criteria EAL6+ security standards.
Kudelski Group a Swiss security firm has full access to its proprietary source code and have completed a detailed security audit and review of the architecture of the Bitcoin Notes.
The first 10,000 production notes would be shipped to distributors and prospective partners around the world. Tangem has its manufacturing units in Southern China and South Korea, R&D in Taiwan Israel and Russia and it is operating out of Switzerland and Singapore.
A spokesperson for Tangem has said that: “There shall be no transaction fees, no need to wait for the confirmation on the blockchain and with the high-grade EAL6+ protection for all bitcoin Notes…..Irretrievable private keys prohibit duplication of wallet and the assets inside it.”