Accenture Plc, a professional services firm, recently stated it can help make blockchain applications safer, and speed up their deployment in specific sectors, such as the financial one. The company recently unveiled a system in which users would rely on hardware security modules (HSM) to secure their data.
Blockchain technology has been tested by a wide variety of companies, including several financial institutions, such as India’s central bank. These, according to the report, want to bring the prototypes they tested onto the real world, but don’t see digital wallets as sufficiently secure, as these have, in the past, been hacked.
Moreover, as blockchain startup Tierion put it, blockchain technology may not (yet) be ready for some sectors. Accenture seems to be speeding up the process, by providing financial institutions a system that allows blockchain users to store their security credentials in HSMs, or processors specifically designed to safeguard their credentials.
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Regarding Accenture’s new technology, Martha Bennett, a principle analyst working for technology market research company Forrester, said:
It is a significant development but it is also not a development that is going to be visible at the front-end of things. It is one of those absolutely essential pieces in the puzzle that makes an end-to-end blockchain deployment actually work
Accenture’s new technology currently works with HSMs from a security company named Thales, and with blockchain applications that use code from the Hyperledger group, led by the Linux Foundation.
According to the company, coding technology that allows blockchain applications and HSMs to work together has proven a time-consuming and complex task. This technology, however, allows banks to apply blockchain technology in a more secure way, which could help speed up blockchain adoption by financial institutions, as security will no longer be an issue.
In the future, the company wants to make the technology work with all types of blockchain prototypes, and with other security modules, so that its use spreads to other financial institutions.
Featured image from Shutterstock.