Java card technology

A NATURAL PLATFORM:

Java Card technology is a natural platform for the RCM’s digital currency venture. There are other platforms, but the Java Card platform is ubiquitous, particularly in the mobile market. We’ve  assumed that in general people will be using Java applications on Android and BlackBerry phones, iOS devices, PCs, and other similar mobile devices. we have also provided APIs to the MintChip that allow developers to use their existing platform, such as Java on a mobile phone, which is very popular. By necessity, MintChip devices will be highly secure. In addition to anticipated certification under the Common Criteria and FIPS 140-2, the MintChip assures users an extra layer of security not available in other electronic and digital currencies: because there’s no network or approvals involved, no personal information is released between the devices and no personal information travels over a network. MintChip transactions can be completely anonymous. A challenge for all smartcard platforms is performance. In mass transit, you need to have a very fast performance time. This has always been a challenge with a virtual machine like Java Card to achieve that sort of 300-millisecond-type transaction, but we believe it will stand up. Given these criteria, Java Card came out to be an outstanding winner. To validate the MintChip technology and business propositions, the RCM announced the “MintChip Challenge,” a competition for software developers to build digital currency applications using the MintChip. In the end, 57 qualifying applications were submitted. The grand prize winner, announced in September 2012, was MintWallet, a cloud-hosted peer-to-peer network for sending and receiving virtual cash. Surprisingly, MintWallet is a Windows-based Java  Card application, proving that the MintChip’s digital currency is as portable as the real-world pocket change it could replace.