Security of cryptocurrency is crucial for online transactions to occur efficiently. According to the recent report by Accenture Plc (a global company
Security of cryptocurrency is crucial for online transactions to occur efficiently. According to the recent report by Accenture Plc (a global company offering consulting, strategy, technology and digital services), the company can improve the reliability of the blockchain applications by making them more secure as well as making their use in some sectors for example financial sector faster. Hardware Security Modules (HSM) is a case of a system which was recently released by Accenture. This system would enable users to rely on HSMs to protect their information.
Though this digital ledger system has been tested by some international companies which include the Indian Central Bank, their reliability in securing the cryptocurrency is still doubtable because there have been cases in the past where they were successively accessed by hackers.
Also, there have been arguments that it is too early to think of applying the use of HSMs to store data because some sectors may currently not be able to incorporate the change into their old system.
According to Forrester’s chief analyst Martha Bennett Accenture has made a remarkable improvement in enhancing the security of the online currency. Though this improvement is not practically visible, it would enhance the application of the blockchain when doing online transactions.
To realize the use of this new technology Accenture has featured Thales, which is a security company, and some other blockchain applications which apply Hyperledger’s group codes.
According to Accenture, the new technology cannot work alone because it would involve the HSMs working together with blockchain applications. However, though this exercise could seem tiresome, the new technology solves the issue of blockchain applications guarantee for cryptocurrency security.
Putting in mind that this new technology is limited to some institutions, the company’s plan is to improve on this discovery so that it can be employed in all the financial sectors.