As you probably have heard in the news, MrBitcoin got some NFC chips installed in hands and did some experiments with these NFC chips to store Bitcoin (as a sort of holy grail of wealth management) but found it insecure at the time (32 Bits encryption max on the NFC chip but only really usable if private key was in clear text...) so a solution was needed.
The guys at Mycelium have been really responsive in implementing suggested changes into their Mycelium Bitcoin Wallet for Android and am happy to say that we have just (like an hour or so ago) concluded tests here with a new DEV version of Mycelium wallet that implements encryption of the private key (BIP38) for NFC tags so now everyone can store their Bitcoin safely and encrypted in their hands without fear of someone scanning your hand and steal your coins. To store your Bitcoin in encrypted format on your NFC implant, just write a new dataset to the tag with the BIP38 encrypted private key in the following format:
bitcoin:6PfWGtqk3Z4FzZQxUSPdNMVZDCANuXLe27FqfLyWEAgo4w94b6i5aScs4e
Scanning this tag will start your Bitcoin wallet (in this case Mycelium) that will recognise the tag is a BIP-38 encrypted Bitcoin private key so will prompt you for your password before displaying balance or allowing any transfers. All in all, the experience is very smooth and very secure.
A Big thank you to all the guys at Mycelium, Dangerous Things and the staff at MrBitcoin for helping to push the boundaries of contactless payment systems.
What strikes me most is that the whole project (from idea till completed tests) took about a week or so to implement, something impossible in the existing payments industry.
Submitted November 21, 2014 at 09:02PM by MrBitco1n http://ift.tt/1vwQGWc