Freevolt's Smart Card
Name of the Startup: Freevolt / Drayson Technologies
Rating: 4 / 5
Location: London, UK
What do they do:
Freevolt provides a scalable harvesting technology which unlocks power for new security functions and transforms the way companies combat fraud.
There is an ever growing need for introducing newer systems of security for easy and safer financial transactions.
Freevolt is a global award wining suite of proprietary, patented technologies that harvest Radio Frequency (RF) energy from radio transmission networks like NFC, cellular network, Wi-Fi, etc. in order to power small electrical gadgets like smart cards, sensors and wearable tech. The smart card is the key focused and lead commercial application of Freevolt and Drayson technologies.
Drayson technologies mission is to enable fraud protection and improved security without any impact on existing technologies, and their smart card is the solution which they have built for it.
A total loss of $24.26 billion was recorded in the year 2017, and since then industries are trying to this problem through enhancing credit card security features like using biometrics, geo-location, tokenization, etc. But these new security features require additional power and attaching batteries, having power plug are not an ideal solution for it. Hence Freevolt are using a scallable energy harvesting technology to enable these additional features into a compact credit card similar to the one which we use in our daily life today.
Freevolt’s radio frequency energy harvesting technology is capable of using existing Radio Frequency sources such as Point-of-sale (POS) terminals, in order to combat credit card fraud by enabling additional security measures such as Dynamic CVV and biometrics. They claim that their technology won’t require any change in infrastructure or regulatory of existing card technologies. Freevolt increases the speed and amount of energy available to smartcards, enabling the biometric revolution. It uses existing manufacturing techniques and components, is compliant with size and thickness requirements for existing smart and credit card standards, and it is already in use for mass manufacture having signed its first non-exclusive license with CardLab Innovation Aps.
Products and services of Drayson Technology:
- State of the art RF energy harvesting.
- Smart Card.
Application of Freevolt’s smart card:
- Payment cards
- ID cards
- Security cards
Is this project safe to use?
The project is safe to use but ultimately depends on how much energy the card can harvest to power up the chip for biometric scanning and producing Dynamic CVV, sometimes the card can be placed improperly on the RF source and the card won’t be able to power itself which would result in a failed authentication and transaction.