Accenture Beefs Up Blockchain Security

Accenture 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 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."


"It is a significant development but it is also not a development that is going to be visible at the front-end of things," said Martha Bennett, a principle analyst working with chief information officers for research house Forrester. "It is one of those absolutely essential pieces in the puzzle that makes an end-to-end blockchain deployment actually work."


Information on a blockchain can only be accessed and edited by users that possess cryptographic keys, which have traditionally been stored in "cyberwallets." As these have been previously hacked and their contents stolen, "cyberwallets" are deemed not sufficiently secure by financial institutions, which are used to storing their digital keys in HSMs, Accenture said.


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