The blockchain is known to be one of the most secure ledgers. But given the open source nature of the cryptocurrency platforms, companies harbor few apprehensions about implementing them directly into their operations. However, they are more open towards utilizing solutions with an additional layer of security.
Thales, a leading cyber security and data security firm has partnered with the enterprise-level blockchain infrastructure provider, Chain to integrate nShield hardware security module into its solutions. The partnership will enable Chain to provide state-of-the-art secure blockchain solutions to leading financial organizations like Visa, Citi Group, Nasdaq and more.
The Thales nShield hardware security module will allow Chain to generate and secure critical cryptographic keys that are used to execute financial transactions over the blockchain. The one-time keys are created using the Chain Key Derivation algorithm, which makes use of Thales CodeSafe Technology within FIPS 140-2 level 3 nShield hardware security module.
The partnership between two leading cutting-edge technology providers was announced recently, where the CTO of Thales e-Security Jon Geater said,
“Blockchain is a game-changer in the financial services industry, with the potential to enhance security, speed, and operational efficiency. Our integration with Chain provides a strong root of trust and ensures the integrity of the underlying blockchain operations, allowing organizations to build, deploy and operate blockchain-based transaction networks with confidence.”
At the same time, the CTO of Chain Ryan Smith was quoted by leading news publications saying,
“As Chain takes blockchain networks to production, we’ve invested heavily in the secure generation and storage of private key material.”
The combined secure blockchain infrastructure for financial application needs of financial institutions are launched at a time when the demand for such solutions is at an all-time high. With almost all leading banking and financial institutions exploring the use of blockchain technology for their operational needs, the enterprise-level secure infrastructure is bound to present itself as an attractive option.
Enterprise level blockchain infrastructure is the next obvious step in the blockchain revolution. Industry leaders in financial and technology sectors have joined hands to work on creating the next generation distributed ledger systems. The recently launched Enterprise Ethereum Alliance and the increasing usage of Hyperledger Fabric distributed ledger among various companies are shining examples of the shifting ecosystem.
Ref: Reuters | Thales | Image: NewsBTC