[2017-02-08] ET: Accenture beefs up blockchain security

Accenture beefs up blockchain security

http://economictimes.indiatimes.com/news/international/business/accenture-beefs-up-blockchain-security/articleshow/57043208.cms

Accenture Plc has developed new technology that it says can help make blockchain applications more secure and could speed up their deployment in sectors such as finance.

The professional services firm on Wednesday unveiled a system that makes it easier for blockchain users to store their security credentials in hardware security modules (HSM), or highly secure processors that are specifically designed to safeguard passwords and "digital keys.

Blockchain, which first emerged as the system powering crypto-currency bitcoin, is a shared record of transactions that is maintained by a network of computers on the internet, instead of a centralized authority. Banks and other large financial institutions have been ramping up their investments in blockchain in hopes that it can help simplify cumbersome processes such as securities settlement and international payments.