Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
IBM has unveiled a system designed for the secure storage of digital assets, completely detached from the external network, even during fund transfers. This solution leverages the advancements of the company’s confidential computing service, aiming to reduce the risks associated with both external and internal cyber threats.
The International Business Machines Corporation (IBM), a leading global provider of hardware and software, has introduced the IBM Hyper Protect Offline Signing Orchestrator (OSO), a novel storage solution for digital assets.
OSO functions as a cold storage system for digital assets, entirely separated from the external network. This solution was developed in partnership with Metaco, a cryptocurrency storage provider and a subsidiary of Ripple Labs, along with several prominent banking institutions. The end-to-end asset encryption solution created by IBM addresses various challenges related to the cold storage of assets.
Consequently, OSO does not include transaction initiation and execution capabilities that would necessitate physical interaction. The system is designed to facilitate transactions from cold storage and back only at predetermined times or with the approval of a multi-party management framework.
Related Posts
IBM analysts indicate that this strategy mitigates the risk of prevalent types of insider cyberattacks. Even if an intruder manages to gain physical or remote access to the system, they will not be able to initiate a transaction immediately.
For enhanced security, OSO keeps digital assets in a fully isolated environment—within specialized air-gapped storage containers. Access to these containers is restricted to specific times for designated purposes and does not require administration. Data exchange between containers and blockchain applications occurs via IBM’s Confidential Computing Service, which lacks direct connectivity to external networks.
OSO is designed not only to protect funds from cybercriminals but also to lower administrative expenses and minimize the risk of errors in manual processes.
Crypto storage services were anticipated to launch this year by Nasdaq, a global stock exchange operator.
Сообщение IBM Developed New Method for Cold Storage for Crypto появились сначала на CoinsPaid Media.
