Of all the interesting new tech that seems poised to garner a lot of buzz in 2011, near field communication (NFC), is probably the most exciting. If it takes off, it will transform the ways we communicate, share, and make payments with digital devices. This will likely take years to happen, but the groundwork is being laid right now. And RFinity is one of those companies at the forefront.
While Google and Apple are responsible for generating much of the buzz about NFC at the moment, the technology goes far beyond simply having the right type of chip in your mobile device. For example, how do you handle different types of data transfers being made from one device to another? And how to you ensure that they happen as quickly as possible? And most importantly, how do you ensure that they happen securely? Those are the things that RFinity is thinking about.
The company has just raised $4 million from Horizons Ventures in Hong Kong. And the space has gotten so red hot, in fact, that we hear they’re already out raising another round.
And it’s an easy bet for investors to make not only because of the space, but because of where the project originated: The U.S. Department of Energy. Specifically, RFinity was born when a bunch of infrastructure security experts working for the government were assigned to find all the vulnerabilities in cell phones. Through software they came up with, they were able to quite easily eavesdrop, manipulate SMS messages, and even compromise LAN security. Then they set out to figure out a way to stop people from doing those very things. That work led directly to RFinity.
Work originally began in the person-to-person and person-to-vendor sales space by way of mobile applications that route transactions through RFinity’s own secure servers. But now that NFC appears ready, RFinity is making sure they’re ready for it. The idea is that their technology could cut out the middle man here: themselves.
Obviously, the company isn’t going to share all the details on how they secure NFC transfers. But the basic overview is that they verify an incoming NFC signal and ask for a user’s permission before taking any action. Further, if the action is a transaction, it requires a PIN, just as you might do an ATM withdrawal. That’s all pretty standard. But the key is one-time-use transaction codes that RFinity creates on the fly along with complex cryptographic signatures. These ensure that an transaction is secure since it means that every transaction can only happen once. Even if those numbers were intercepted by a hacker, they would be useless beyond the one-time payment.
And even if your phone is lost or stolen, a thief couldn’t do anything without your PIN. And you can remotely shut down your NFC capabilities via RFinity. It’s enough to make me wish I could throw out all my credit cards right now. “Today’s identification and transaction systems are based on what? A magnetic strip on the back of a card, based on a 1950’s technology that relies on a base station to read the information embedded as a series of simple magnetic markers in plastic tape,” writes Josh Jones-Dilworth, who is working with the company to bring them to market.
Again, NFC as a technology is great and potentially game-changing. But the software is still needed to make it actually work. And some of the big guys began realizing that early on as companies like PayPal, Bank of America, and even Subway have been testing out different things with RFinity for some time. In fact, RFinity has actually been doing field tests of the software end of their technology since 2009 in places like Idaho, well before most people in the U.S. had ever thought about NFC.
But now people are starting to care. And soon, they could be caring a lot more. NFC is already built-in to Google’s new Nexus S device — and the company has put out a call for developers to start using the tech. Rumors have the next iteration of the iPhone gaining the technology as well. In other words, I suspect we may be seeing acquisition rumors starting to fly around RFinity in about six months or so. Provided their technology proves up to the NFC challenge, of course.
Once again investors came out in full force to buy the fucking dip on Friday after learning that Qaddafi's men opened fire
on protesters in Tripoli in Moammar's shoot first, shoot later
negotiations policy, GDP was revised down to "QE3 is coming," gold rose
to over $1,400 an ounce once again making Flavor Flav's teeth the most expensive commodity in the world, and the US government threatens to shut down while individual states bust unions (and if it is this Union's bust, then Money McBags approves) and teachers across the country get pinkslipped (while others slip pink). So once again cognitive dissonance reigns like Peter the Great in 18th century Russia or like Ms. San Antonio (only without eating so many tacos).
With Saudi Arabia promising to pump out enough oil to support both lost Libyan production and an even better Oil Rumble,
and with consumer sentiment rising in everything but how the consumer
sentiment number is calculated (Money McBags will guess lovingly and
with a fuckload of goal seeking and hard coding), investors ignored
every other bit of common sense, toggled away from Kate Upton's twitter pics, and jumped back in to the market faster than Charlie Sheen jumps back in to a bottle of vodka (or Capri Anderson's rectum).
Anyway, Money McBags thought he would try a gimmick for Friday's
wrap-up because all writers need to find new tricks (especially ones
like Money McBags as he writes as if he is trying to put his round peg
through Karissa Shannon's
spare hole). So in honor of Sunday's Oscars, Money McBags thought he
would equate each news item of the day to a best picture nominee simply
because he needs a challenge.
Inception goes to consumer sentiment hitting its highest level in 3 years
because clearly consumers must be dreaming of something other than the
declining buying power of the dollar and the shitawful ponzeconomy™ if
they really feel confident about anything other than their savings being
fucked (and see, that's funny because most of them have no savings).
The Thomson Reuters/University of Michigan/Vivid Video survey on
consumer sentiment came in at 77.5 which was up from 74.2 in January
and the highest since January 2008 which was right when the last guy on
the Street knew that bank balance sheets were more fictitious than a Dr. Boris Sachakov hemorrhoid removal,
so um, look out below. The number was above the median forecast of
75.3, above the early February reading of 75.1, and above Money McBags'
sentiment of "you have to be kidding me" because the only times Money
McBags has been less confident in the consumer was during the Beanie
Baby phase and when Garth Brooks went platinum. Consumers reported
"significant" labor market improvements, judged their personal
finances more favorably than at any other time in the past three years,
and insisted that redneck is a religion.
True Grit goes to GDP which keeps trying to tough it out despite being more fucked than David Wu's political career. GDP for Q4 was revised down to 2.8% annual growth,
below 3.2% guesses, and well below the 5% needed to lower the 9%
unemployment rate without just clerically adjusting the labor force
participation rate down again (Money McBags' "Fuck Off" strategy), but
hey, just buy the fucking dip. The slower growth was driven by deeper
spending cuts by state and local governments who continue to suffer
from lower tax revenues and reality.
Toy Story 3 goes to the Ben Bernanke who is treating M2 as if it is Monopoly money as the money supply not only grows faster than Cameron Diaz on the awesomeness scale but is more correlated to the rise in the S&P
than tinnitus is correlated to attending a Black Eyed Peas concert.
But hey, Money McBags guesses we will learn the hard way that Zimbabwe isn't just for lovers (lovers of AIDS that is).
The Kids Are Alright goes to the state of Wisconsin whose teachers have missed work to protest cuts to their health care benefits and collective bargaining rights as a union which has caused senate Democrats to flee the state
to avoid voting as it is always best to run from bullies. Teacher
protests give kids more time to stay at home, fire up the playstation,
and plan the next rainbow party, which is alright with Money McBags.
The King's Speech goes to Libyan dictator Moammar Qaddafi who got up in the center of Tripoli on Friday and threatened to make his country a living hell
and kill those who oppose him. When protesters heard this, they
rejoiced, claiming a living hell would be three steps up from Libya's
current living situation which is so bad it has been compared to having
to french kiss Kathy Griffin's sphincter.
Winter's Bone goes to Winter Pierzina
as who wouldn't want to giver her a bone? And, yes, that has nothing
to do with the economy or the market, but it is very important to
confirm.
The Fighter goes to all of the protesters in the Middle
East and Northern Africa who are tired of some asshole despotic ruler
continually oppressing them and are now striving to become that asshole
ruler to be able to oppress the factions they hate. How these Middle
East protests have not spooked the market more is a question for which
Money McBags is seeking an answer (though he is pretty sure the answer
isn't pussy furry).
Black Swan goes to AIG who in a black swan event shit
on the global economy a few short years ago as their derivatives book of
credit default swaps (which had a one in bazillion chance of blowing up
according to the douchenozzles who were writing that shit and whose
bonuses relied on writing it, but nothing to see there) found itself in
the Gaussian curve's fat tail
and blew the fuck up as insuring something without actually putting
aside the money in case that thing you are insuring gets fucked is as
dumb of a business as ZAGG or a Wilford Brimley
tongue kissing booth. But it gets even better because in an even
bigger black swan event, this fucking company is still in business
somehow (because apparently criminal actions don't get punished in the
US if you have a good lawyer and are on the government's payroll) and on Friday they put up a big Q but sold off
as investors raised concerns over AIG's huge property insurance
business, its aircraft leasing unit, and how the fuck they can actually
trust a company that came within a Verne Troyer
nut hair of blowing up the world. Money McBags isn't saying AIG is a
shitty company, he's saying they are a fucking shitty company.
127 Hours goes to every company that had earnings or
analyst ratings changes on Friday because in 127 hours (or 3 to be more
precise) no one will remember and the stocks will trade on new
speculation (and by new speculation, Money McBags means the Fed's
continued capital injection). In earnings on Friday, Salesforce.com
apparently sold the fuck out of some forces beating earnings guesses and raising full year guidance as cloud computing remains hotter than Tulip sales in the Netherlands in the 1600s or two lip sales in Eliot Spitzer's hotel rooms in the 2000s. In other earnings news, ADSK saw profits rise
23% on a 16% increase in revenues and the company is now up 45% for the
year as more people use their autocad software to design the cardboard
boxes in to which they have moved.
In other company news, FSLR was down 6%
despite higher profits as the solar panel maker burned investors by
forecasting weaker sales this year and warned it would cut prices to
compensate for the end of solar subsidies in Europe. That said, a
flurry of analysts raised their price targets on the stock because
lowered sales forecasts didn't effect their hardcoded models. Finally
WFC climbed after Goldman raised its rating on the stock to "buy" from
"neutral" after the analyst was told he hadn't published anything on
WFC in a while and needed to drum up some trading flow.
If you want to read which small cap company Money McBags gave The Social Network to, click over to the award winning When Genius Prevailed where Money McBags has fundamental analysis, more dick jokes, and plenty of Lucy Pinder. And if you're really bored, Money McBags is known to frequent the twitter from time to time.
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