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Adoption of blockchain technology, which is still in its early
days, has been in part slowed down on concerns over security.
A new service from Chain uses Thales's hardware security modules
(HSM) - highly secure processors designed to safeguard passwords
and "digital keys" - to make it more attractive for large
companies to adopt blockchain, the companies said in a joint
statement.
The move follows the launch of a similar service by Accenture
Plc in February.
Blockchain, which first emerged as the system underpinning
crypto-currency bitcoin, is a shared record of transactions that
is maintained by a network of computers on the internet, instead
of a centralized authority.
Large companies, which include exchange group Nasdaq Inc and
credit card company Visa Inc, have been ramping up their
investments in blockchain in hopes that it can help reduce the
cost and complexity of some of their most complex processes.
Information on the blockchain can only be edited by users that
possess one-time cryptographic keys, which are normally stored
in digital wallets. These have been hacked before, making them
not sufficiently secure for use by large finance firms, which
normally use HSMs.
Integration of Thales' HSMs makes it easier for firms using
Chain's technology to meet their usual security standards when
storing and generating keys, the companies said.
"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.
San Francisco-based Chain is one of the most established
companies in the nascent blockchain industry. In 2015 it secured
a $30 million investment from a large group of financial
services companies including Nasdaq, Visa and Citigroup Inc.
(Reporting by Anna Irrera; Editing by Andrew Hay)
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