Accenture Plc has come up with a blockchain security enhancement system that is expected to make cryptocurrency adoption quicker.
The new technology was presented on Feb 8. The launch featured a showcase of the system’s functions which allow clients to store their confidential information in hardware security modules (HSM) or processors offering extra protection of passwords and “digital keys”.
Blockchain, which originally focused solely on Bitcoin, represents a shared system of payments run by computers on the Internet rather than a single responsible entity. Hence, it entails a degree of complication as far as securities settlement and international transactions are concerned.
According to analysts, Accenture’s new system is a revolutionary breakthrough that is going to clear the way for end-to-end blockchain deployment.
The conventional way of accessing and editing information on a blockchain is through cryptographic keys kept in “cyberwallets”. However, those have been subject to cyber attacks and thus are not considered reliable. Accenture’s HSM approach aims to tackle exactly this problem.
Yet skeptics believe the new technology will not take off until after several years.