Daily Management Review

To Bolster Blockcain Security, Blockchain Startup Chain Teams With Thales


To Bolster Blockcain Security, Blockchain Startup Chain Teams With Thales
With the aim of making easier for large companies that use blockchain technology to safely store their security credentials, U.S. blockchain startup Chain Inc has teamed with security firm Thales Group, the two companies said on Thursday.
Concerns over security have in part slowed down the adoption of blockchain technology, which is still in its early days.
the companies said in a joint statement that to make it more attractive for large companies to adopt blockchain, a new service from Chain uses Thales's hardware security modules (HSM) - highly secure processors designed to safeguard passwords and "digital keys".
The move follows the launch of a similar service by Accenture Plc in February.
Blockchain is a shared record of transactions that is maintained by a network of computers on the internet, instead of a centralized authority and it first emerged as the system underpinning crypto-currency bitcoin.
in hopes that it can help reduce the cost and complexity of some of their most complex processes, investment in blockchain have been ramped up by large companies, which include exchange group Nasdaq Inc and credit card company Visa Inc.
Users that possess one-time cryptographic keys, which are normally stored in digital wallets, are the one who can only access and edit information on the blockchain. However these have been made not sufficiently secure for use by large finance firms, which normally use HSMs as these have been hacked before.
The companies said that to meet their usual security standards when storing and generating keys, integration of Thales' HSMs makes it easier for firms using Chain's technology.
"As Chain takes blockchain networks to production, we've invested heavily in the secure generation and storage of private key material," said Ryan Smith, chief technology officer at Chain.
One of the most established companies in the nascent blockchain industry is San Francisco-based Chain. Including names like Nasdaq, Visa and Citigroup Inc, it secured a $30 million investment from a large group of financial services in 2015.
Businesses across multiple sectors, particularly financial services are being transformed by blockchain. A new model for transacting between organizations that is more efficient and secure than legacy systems is offered by the shared ledger model for the financial industry. Added to the many benefits of the technology are cost savings, faster transactions, and improved data quality. Robust cryptography used to protect the data from fraud perpetrated by hackers underpins each blockchain.
The security of its cryptographic keys is the deciding factor for blockchain security. A new set of one-time keys is required for every transaction executed through a blockchain process. To generate and secure these critical keys, Chain uses the Thales nShield HSM. Using Thales CodeSafe technology, Chain developed the Chain Key Derivation algorithm with unique customer needs in mind.
"As Chain takes blockchain networks to production, we've invested heavily in the secure generation and storage of private key material. The Thales nShield HSM offers a fast and efficient way to derive new keys. In particular, we were very impressed with the HSM's CodeSafe feature, which allows us to run security-critical code protected within the HSM boundary. It's a natural fit," said Ryan Smith, Chief Technology Officer at Chain.
(Source:www.reuters.com & www.thales-esecurity.com) 

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