The future is here, right now knocking at our doors. Well, the Token ring we are talking about today seems to be flicked straight out from a James Bond movie. We have seen a variation of smart rings that can track our health, initiate payments, but this is the first time that a ring will be able to authorize our transactions. Token Ring is a biometric ring that can be used to make credit card transactions, start cars, sign in to your computer and also authenticate yourself at any other POS.
Token has already managed to bring MasterCard on board, and by the end of this year, the company claims that they will partner with all the train and bus systems across the world. In the initial phase the folks residing in Chicago, Salt Lake City, Miami, and Philadelphia will be able to use Token Ring for local transits followed by the New York City in 2018.
This is how Token Ring works, the ring comes with a fingerprint sensor in the inside, and this will authenticate the users. The IR sensor ensures that the Token Ring is still on your fingers when you slide it on and once removed the ring cannot be used for authorizing transactions. One can add credit cards, metro cards, and other login details as well and all of this can be managed from the companion app. The ring is designed in such a way that the signal will be broadcasted continuously and can be read by many readers.
However, only one fingerprint can be assigned to Token. Moving on the Token looks like any other plain Jane platinum ring and is water resistant up to 50 meters. On the security front, Tokenisation is used to add an additional layer of security along with the fingerprint and IR sensors. Furthermore, the company claims that the credentials are stored on the EAL5+ secure element. In essence, the Token users NFC for most of the situations while Bluetooth is primarily used to sign in to your laptop. The Battery on the token is rated to last for up to three weeks and can be charged by placing the ring on the charging cradle.
The makers of Token Ring are also bundling an NFC capable door lock for your house and also a car starter as an extra. Each of these additions will cost an $100 or can be bundled with the ring at $399 (Standalone Ring is priced at $249). The Token Ring is available for preorder on the Tokenize Website, and the estimated date of shipping is pegged at December this year.