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February 9, 2017

Accenture tackles key blockchain security risks with hardware

“Blockchain is quickly maturing across industries and is set to profoundly change how businesses operate".

By Tom Ball

Accenture has developed a solution which aims to simplify the integration of Blockchain technology with ‘industrial-grade’ security systems.

Aimed at sectors such as financial services, healthcare and government, it is intended to provide a ‘developer-friendly’ interface which will bring together emerging blockchain platforms and hardware security technology.

In preparation of the announced solution, Accenture has been co-operating with the electronic systems company Thales, who are providers of technology and the securing of records and assets globally.

The Thales hardware security module (HSM) architecture is behind the security measures in the new solution, as it is based on nShield HSM which was developed by Thales.  The added security is meant to come from crypto-processors which ‘generate, protect and store digital keys’, which can only be accessed or extracted ‘under a highly controlled protocol’.

Blockchain

 

 

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Simon Whitehouse, senior managing director and head of blockchain technologies at Accenture said: “Blockchain is quickly maturing across industries and is set to profoundly change how businesses operate, but current applications cannot meet the high security standards of most mission-critical IT infrastructure. That is because the digital keys used to secure and validate messages and transactions historically have proven vulnerable to network attacks”.

READ NOW: Accenture and others lead review into UK digital industry.

Accenture have previously shown interest in making Blockchain more commercially appealing to the financial services and banks in particular, by attempting to develop and patent an ability to alter the information stored within the ledger.

The reason this ability to edit the information within blockchain is desirable for a bank is because information at times has to be removed from records due to legal reasons, or because of wrongdoing.

Simon Whitehouse confirms this interest in certain sectors in saying that “our solution provides the same kind of physical security that banks have relied on for decades to keep money and transaction records safe from cyberthieves. It will clear a wider path not only for banks but for governments, insurers, healthcare providers and others to do real-world deployments of blockchain technology”.

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