Overledger Authorise from Quant helps banks and institutions manage and integrate digital asset and blockchain private keys.
In order to provide complete transaction authorisation across current platforms and blockchains, Overledger Authorise addresses the issue of how banks and institutions may maintain and merge digital asset and blockchain private keys with their present enterprise key management systems.
To safeguard data, business applications, and transactions, financial institutions have put advanced key management solutions in place.
The advent of blockchain technology and digital assets makes it impossible to employ current key management technologies to offer the same level of compliance and protection.
Businesses have used employee laptops to store blockchain keys to sign transactions involving digital assets as a way to get around these restrictions, putting themselves at risk in the process.
A flagship central bank digital currency experiment run by the Bank of England and Bank for International Settlements alongside banks, institutions, and industry players, Overledger Authorise has recently undergone stress testing in Project Rosalind and been shown to function.
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More people are now able to access the technology.
A private key in blockchain is an alphanumeric code that serves a similar purpose to a password.
These keys are crucial for accessing money kept on a blockchain since they are used to authorise and validate transactions.
But a variety of things, such as human mistake, theft, and hostile attacks, might cause problems.
Overledger Authorise, Quant and blockchain
The key management systems that bank often utilise are not appropriate for blockchain, and it would be extremely difficult to connect them to blockchain.
This problem is solved by Authorise, which smoothly manages the production of keys and the signing of blockchain transactions by connecting with existing enterprise key management systems.
Authorise works with current key management systems to coordinate the appropriate authentication, authorisation, and verifications when a business software or workflow starts or signs a transaction. This secures the transaction’s delivery to the destination blockchain.
Banks will no longer have to worry about storing keys on employee laptops or deal with the time-consuming configuration and management of transaction signing for every network.
Furthermore, cryptographic key generation and storage are unstable, complicated tasks that can be impacted by human error, cyberattacks, and a variety of technical issues for transaction signing.
The security and convenience requirements of traditional financial transactions have been difficult for blockchain solutions to match up to this point.
Quant founder and CEO, Gilbert Verdian, stated: “Blockchain technology has the potential to revolutionise banking, but we cannot unlock its true potential without robust and future-proof solutions for cryptographic key management and transaction authorisation. This is where Overledger Authorise comes in. It brings central bank-grade key management and enterprise transaction signing capabilities to the blockchain ecosystem. By integrating existing enterprise key management systems to seamlessly connect and interoperate with multiple blockchains while maintaining high-grade security compliance, we have secured and simplified the adoption of digital assets for banks, institutions, and enterprise developers.”