BLOCKCHAIN SOLUTIONS

Financial institutions have implemented mature key management solutions to secure data , business applications and transactions . With the introduction of Blockchain and digital assets , existing key management technology can ’ t be used to provide the same level of protection and compliance mandated by regulation and security . To work around these limitations , enterprises have bypassed robust security processes and put themselves at risk by storing Blockchain keys on employee laptops to sign digital asset transactions .

Overledger Authorise solves the problem of how banks and institutions can manage and integrate digital asset and Blockchain private keys with their existing enterprise key management systems , enabling end-to-end authorisation of transactions seamlessly across existing systems and Blockchains . Authorise has recently been stress-tested and proven to work in Project Rosalind , a flagship central bank digital currency experiment led by the Bank of England and Bank for International Settlements with banks , institutions and industry participants . The technology is now being made more widely available .

In Blockchain , a private key is an alphanumeric code that fulfils a similar function to a password . These keys are used to authorise and validate transactions , rendering them irreplaceable for accessing funds stored on a Blockchain . However , issues can arise due to a range of factors , including human error , theft and malicious attacks .

Banks traditionally use key management systems that are unsuitable for Blockchain and connecting these systems to Blockchain would be a huge task . Authorise addresses this issue by integrating with existing enterprise key management systems and seamlessly managing the signing of Blockchain transactions and key generation . When a business application or workflow initiates or signs a transaction , Authorise coordinates the necessary authentication , authorisation and verifications with existing key management systems to securely deliver the transaction to the destination Blockchain . This relieves banks from the risk of storing keys on an employee ’ s laptop and the burdensome task of configuring and handling transaction signing for each network .

Generating and storing cryptographic keys is a risky and complex business , susceptible to cyber-attacks , user mismanagement and a range of technological implications for transaction signing . Until now , Blockchain solutions had struggled to match the security and convenience demanded by traditional banking transactions .

Quant Founder and CEO , Gilbert Verdian , said : “ Blockchain technology has the potential to revolutionise banking , but we cannot unlock its true potential without robust and future-proof solutions for cryptographic key management and transaction authorisation . This is where Overledger Authorise comes in . It brings central bankgrade key management and enterprise transaction signing capabilities to the Blockchain ecosystem .” � www . intelligentfin . tech

57