Accenture PLC has claimed that their newly developed technology can ensure that the blockchain technology is more secure and can even speed up deployment in the finance sector.
Accenture PLC has claimed that a new technology that they have developed can ensure that the blockchain technology is more secure and can even speed up deployment in the finance sector.
On Wednesday, Accenture has introduced a system that supposedly eases the storage of blockchain user information like credentials in security highly secure processors or High-security modules (HSM). These are specially designed to safeguard the user’s passwords as well as their digital keys.
Blockchain was first established as a system powering the cryptocurrency called bitcoin. Basically, it is a digital ledger which stores information about bitcoin transactions between any two financial institutions on the Internet. Corporate banks and other financial institutes have been putting their hopes and investing in blockchains hoping to simplify as well as secure international payments as well as security settlements.
Martha Bennett, a principal analyst working with the research house Forrester, had this to say – “Accenture’s introductory technology is quite crucial in the financial industry however it does not seem like it will be visible at the front end of things. The technology is very essential and makes an end-to-end deployment of blockchain actually work.”
However, deployment of this technology has slowed down considerably due to security concerns.
According to Accenture, while the information that is stored in blockchains is only accessible or open to edit by persons having cryptographic passwords which are stored in cyber wallets, hacker have been successful in the past in stealing the contents. Thus cyber wallets have been deemed insufficiently secure by various financial institutions.
Programming the applications of blockchain to work with high-security modules has become quite difficult as well as tedious. Accenture’s technology helps banks to store their digital keys in HSMs.
The technology has been proven to be compatible with HSMs from a security company called Thales as well as blockchain applications using the code developed by Hyperledger Group. However, the company is hoping for extended use of the technology to all high security modules associated with blockchain application protocols..
More financial institutions plan on taking their blockchain prototypes tested by them for some time now and use it more practically in everyday applications.
This being said, there are quite a few who seem to think that the potential of blockchains is overhyped and that the technology may take quite a while before it can be implemented and yield its benefits for larger companies.