Improving blockchain security with HSMs
Decentralization, immutability, security, and transparency are the primary advantages of blockchain. Blockchain technology enables verification with no dependency on third-parties. A blockchains data structure is a continuously growing, append-only, list of records in sequential order that makes it difficult or impossible to change or hack. As a result, the data cannot be modified or erased. Since blockchain data storage is immutable and no user is more trusted than others, organizations often rely on blockchain to achieve business agility with trust.
Key protection is paramount to ensuring the robustness of a blockchain system. Since the blockchain system requires highly reliable methods of interfacing with strong key protection control, Hardware Security Module (HSM) is a simple yet powerful solution to deliver the scaling and agility required by a decentralized blockchain model for these popular use cases;
- Cryptocurrency & Wallets- Enable storage and access of private keys used in crypto currency and blockchain systems to track activities such as k transaction signing, preventing a hacker from replacing or making new transactions.
- Smart Contracts- Execute the terms of the contract through strong authentication and storage of encryption keys to ensure that all parties are authenticated and the data remains secure
- Smart IoT- Enable cryptographic encryption for authentication and validation of data
Organizations of all sizes can easily implement powerful, secure and resilient blockchain applications, safeguarded by HSMs by Utimaco.