Daily Management Review

Chain & Thales Get Together To Address Safety Concerns During Blockchain Transaction


Chain’s attempt to plug the security gaps in blockchain transactions.

Chain Inc. is an U.S. startup company of blockchain technology, which has partnered with “Thales Group”, the latter being a “security firm”, whereby making it simpler for “large companies” using blockchain technology to “store their security credentials” safely. In fact, one of the major reason on the slow adoption of blockchain in its early markets is the “concerns over security”.
According to Anna Irrera’s reports:
“A new service from Chain uses Thales's hardware security modules (HSM) - highly secure processors designed to safeguard passwords and ‘digital keys’ - to make it more attractive for large companies to adopt blockchain, the companies said in a joint statement”.
Moreover, Accenture Plc. has also launched “a similar services” in the month of February 2017. Blockchain’s “crypto-currency bitcoin” records transactions which are kept stored by “network of computers on the internet” as oppose to a “centralized authority”. Companies like Nasdaq Inc., an “exchange group” and Visa Inc., a “credit card company”, are investing heavily on the said technology for figuring ways in which to bring the costs and complexity involved in “some of their most complex processes”.
While, Irrera added:
“Information on the blockchain can only be edited by users that possess one-time cryptographic keys, which are normally stored in digital wallets. These have been hacked before, making them not sufficiently secure for use by large finance firms, which normally use HSMs”.
The above mentioned integration will allow Chain technology users to meet the “usual security standards” during the storing processes as well as while “generating keys”. In the words of Chain’s Chief Tech Officer, Ryan Smith:
“As Chain takes blockchain networks to production, we've invested heavily in the secure generation and storage of private key material”.
Chain is among the “most established” blockchain companies which is based in San Francisco, which secure a “$30 million investment” from a large financial service group which included “Nasdaq, Visa and Citigroup Inc”.

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