Enable secure blockchain processes and protect all assets in the blockchain
Blockchain is a decentralized, immutable ledger of records, which are linked together using cryptography. It is used to record transactions which, in turn, are resistant to any modification.
Blockchain technology enables verification with no dependency on third parties. The data structure of a blockchain is a continuously increasing, 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, for example for the use of smart contracts, automated supply chain processes, or fast cross-border transactions. Probably the most well-known example of the use of blockchain technology is cryptocurrencies.
The advantages of blockchain technology are that processes enabled via blockchain technology are transparent, decentral, and immutable.
Blockchain is based on cryptography and hashing: The hashing functions in the blockchain are used to create and add new blocks to the record and cryptography is used to secure, sign, and verify transactions in the blockchain. These use cases are enabled via specific certified blockchain algorithms.
Improving blockchain security with HSMs
The necessary blockchain-specific algorithms are provided by a Hardware Security Module and in addition, it adds an increased level of security to blockchain processes. An HSM fulfills two basic functions for the blockchain:
1. Reliable key generation and support of cryptographic algorithms:
- Cryptographic hash-functions guaranteeing the immutability of the records
- Generation of blockchain-specific elliptic curves
- Digital signatures for the verification of the blockchain
- Encryption for the secure communication between different parties involved in the blockchain
- Blockchain-specific generation of Private and Public Keys
- Provision of certified blockchain-related algorithms (BIP-32, BIP-44, SLIP-0010)
2. Protection and storage in a tamper-protected, hardened environment for:
- Private keys
- Smart contracts
- And other digital blockchain assets
Organizations of all sizes can easily implement powerful, secure, and resilient blockchain applications, safeguarded by HSMs from Utimaco.
Software Simulator for blockchain algorithms
Utimaco provides a simulator allowing for evaluation and integration testing of blockchain-specific algorithms to benchmark the best possible solution for each specific case