IBM introduced a secure signing technology for managing digital assets in cold storage. This lowers the risk that comes with doing things by hand and keeps assets away from the internet.
In order to improve the security of digital assets in offline “cold storage” systems, IBM presents the Hyper Protect Offline Signing Orchestrator (OSO), a state-of-the-art solution.
OSO simplifies procedures, reduces expenses, and strengthens overall resilience by addressing the challenges of manual transaction authorization and the hazards that go along with it. This is a significant breakthrough in safe asset management.
The tech giant’s partnership with Metaco, a Swiss custodian of digital assets, produced the OSO technology. Through its integration with Metaco’s Harmonize platform, OSO provides users with an advanced and secure solution for managing digital assets by fusing IBM’s technological know-how with Metaco’s powerful digital asset orchestration system.
Advancing Cryptocurrency Security And Compliance
IBM created OSO to eliminate manual transaction initiating and performing processes in order to mitigate vulnerabilities. OSO can be set up to only send transactions from cold storage to the blockchain at certain times or only with the permission of a multibody governance scheme. This is similar to a time-release safe that can’t be opened upon request.
With OSO, IBM is better positioned to provide institutional cryptocurrency investors cutting-edge solutions for managing risk and adhering to regulations around their digital assets. Commercial availability is anticipated to begin in 2024.
The company has been subtly integrating its major 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
The main source of cold storage limits, according to IBM, is human contact. This includes insider trading, forced attacks (where violence is threatened in order to have a transaction signed), various operational failures involving data center admins, and basic “pen and paper” methods.
CEO of Metaco Adrien Treccani highlighted their long-standing collaboration while expressing delight with IBM’s confidential computing branch. In light of the rising legal requirements for cold storage in places like Singapore, Hong Kong, and Japan, he emphasized the inclusion of OSO’s air-gapped cold storage to Metaco’s institutional solutions, which is very beneficial.
“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.
Additionally, Treccani emphasized that OSO makes possible the technology’s unique air-gapped cold storage, “particularly as cold storage needs are increasingly being stated by authorities in places such as Singapore, Hong Kong, and Japan.”
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. In the upcoming quarters, the $147.1 billion tech corporation may see a notable increase in income as more businesses use its cryptocurrency cold storage.
Featured image from Shutterstock