IBM has unveiled a new secure signing technology designed to manage digital assets in cold storage. This technology reduces the risks associated with manual processes and keeps assets securely offline, away from potential internet threats.
IBM has introduced the Hyper Protect Offline Signing Orchestrator (OSO), an advanced solution that enhances the security of digital assets in offline “cold storage” systems. OSO streamlines processes reduces costs, and strengthens overall resilience by addressing the challenges of manual transaction authorization and associated risks.
This groundbreaking technology is the result of a partnership between IBM and Metaco, a Swiss digital asset custodian. The integration of OSO with Metaco’s Harmonize platform provides users with a secure solution for managing digital assets by leveraging IBM’s expertise and Metaco’s robust digital asset orchestration system.
Advancing Cryptocurrency Security And Compliance
OSO eliminates the need for manual transaction initiation and execution processes to mitigate vulnerabilities. It can be configured to send transactions from cold storage to the blockchain at specific times or with the permission of a multi-body governance scheme, similar to a time-release safe that cannot be opened on request. This provides institutional cryptocurrency investors with cutting-edge solutions for managing risk and complying with regulations around their digital assets. The commercial availability of OSO is expected to begin in 2024.
IBM has been gradually integrating its management expertise, particularly its suite of technologies for confidential computing, with digital assets and cryptocurrencies in recent years.
IBM And Metaco Enhance Cold Storage Security
According to IBM, the main source of cold storage limitations is human contact, which includes insider trading, forced attacks, operational failures, and traditional “pen and paper” methods. CEO of Metaco, Adrien Treccani, emphasized the inclusion of OSO’s air-gapped cold storage to Metaco’s institutional solutions, especially in response to the increasing legal requirements for cold storage in places like Singapore, Hong Kong, and Japan.
“IBM’s confidential computing division has been a reliable partner throughout the years, and we are pleased to complement Metaco’s catalog of institutional cold storage solutions,” he said.
The most recent data on the stock market indicates that IBM’s stock has increased by over 15% from January and is currently trading at about $161.39 on December 6, 2023. As more businesses utilize its cryptocurrency cold storage, the $147.1 billion tech corporation may see a notable increase in income in the upcoming quarters.
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