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Indian Startup Develops a Next-Gen Cybersecurity Solution on the Blockchain

// Let us help you become financially independent. Read exclusive stories, bitcoin analysis, and tutorials. Use the coupon code "CCN5" and get $5 off. Join Hacked.com now. //   A new innovative prototype startup powered by blockchain technology for cybersecurity has recently launched in India aimed at curbing the global phenomenon of cybercrime. Mumbai-based Block Armour was thought up by Narayan Neelakantan, former CISO and Head of IT Risk and Compliance with India’s National Stock Exchange (NSE) and Floyd DCosta, who has a background in management consultancy and spent 11 years at Capgemini. Representing a disruptive approach to reclaiming enterprise cybersecurity, Block Armour is attempting to do so faster and at a fraction of the current cost. According to U.S. market research firm Gartner [PDF], global expenditures for IT security rose by $148.5 billion from $65.5 billion in 2013 to $83 billion in 2016 with cloud security expected to grow by 50 percent. And yet, despite a significant rise in global IT security spending, cybersecurity incidents continue to grow across industries with existing solutions struggling to keep pace. Speaking to CCN, Neelakantan said that the dramatic increase in networked devices and the Internet of Things (IoT) has further complicated the situation while the use of yesterday’s technology to fight cybercrime is further compounding the issue. With cybersecurity challenges expected to get bigger, bolder and more complex in the years ahead, a solution is needed. He said: We have emerging technologies like blockchain and TLS technology as well as architectures like the Software Defined Perimeter that can be effectively used to reclaim cybersecurity. That’s exactly what we are bringing together at Block Armour. Tackling Cybercrime With the use of the Software Defined Perimeter, the team at Block Armour are planning to use digital signatures based on authentication for humans, devices and data. According to Neelakantan, this then allows them to securely ring-fence critical infrastructure in addition to providing IoT related security. As this is an issue that cuts across many industries the interest the team has received is expected to be high from those keen to have a solution that will provide the protection they need. Whether it provides the answer is yet to be determined; however, given that such a platform could be available before the summer is bound to give many the confidence that Block Armour may provide the answer where others have failed. Since the launch of the prototype, Block Armour has received positive feedback on the potential that it can achieve. As a result, the team are keen to bring the solution to the market with an alpha version expected to be launched in February and a beta version expected to launch in May 2017.

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How to Explore Blockchain

Even though motivational speaker and author Simon Sinek has over 300,000 followers on Twitter, 80,000 on LinkedIn and his Ted Talk was viewed 30 million times and counting, most people still don’t do what he advises and start with 'Why?'. 广告 So, when looking at blockchain tech for your organisation, why would you want to get involved in a technology which is immature, where the legal framework is unclear and where business models are still hard to come by? Immature technology To start with the technology, sure bitcoin has been around for eight years now, and works extremely well for what it was intended: managing electronic cash without a central administrator. Yet, demanding anything beyond that on the bitcoin blockchain is complex, if not impossible, due to limitations such as scalability, throughput and privacy. So along comes ethereum which aims to be a decentralised virtual machine or a 'world computer' in the words of Gavin Wood, one of the project's founders. The absence of a central authority is the essence of a blockchain, but also a challenge when you want to ensure users that the machine is working properly. Vlad Zamfir, one of ethereum's core developers, wrote a great post about the state of ethereum and why he thinks that we all should tale care when handling such a powerful but immature technology. I believe that blockchain exploration projects should keep as much 'off-chain 'as possible, and only use a blockchain for whatever core functionality it may provide for your use case. From a technology point of view, what you are going to explore will likely: a) be obsolete by the time you've built it (given the speed of development of the technology), and b) not have the full functionality of a blockchain, since you want to keep as much off-chain as possible Unclear legal framework Legal concerns are twofold. First of all, current law and legislation does not fit the technology, as such. Take, for example, the concept of controller and processor: who is what with regard to data on a blockchain? The second issue concerns blockchains replacing and/or altering the concept of law – a subject about which Alan Cunningham of the University of Manchester School of Law wrote an interesting piece. In the article, Cunningham singles out for criticism the concept of absence of governance, which has proven not to hold up in crisis situations (as with failed ethereum project The DAO). He argues further that the roots of blockchain are to be found in anarchistic and libertarian movements. My take is that one cannot embrace blockchains without embracing these world views too. So, then the question becomes broader than law, it is a question of world view. Is a world without government and without central governance one in which you see your organisation functioning? In other words, a choice for blockchain is implicitly also a choice for new forms of governance. New strategy required That brings me to the third point, that of strategy. Blockchains will alter the value chain and even the organisation itself. This has all to do with the organisation of trust which will shift when introducing a trustless system like blockchain as a foundational layer. Take a look at your own organisation and identify the positions and departments created just to make sure that transactions can be trusted. Auditors, compliance professionals, in-house lawyers and managers are in most cases ‘just’ there for the reason of trust. What if they are no longer needed and what if the cost of transacting goes down and the ease of collaboration goes up? Before addressing those fundamental questions, it's rather silly to be asking, 'What's the business model of the blockchain?', or 'What's its killer app?'. Exerting influence So why, for crying out loud, would you be interested in blockchain? One reason – and it’s not the worst reason – is that your competitors are investigating the tech. FOMO, or fear of missing out, is very real, and the basis for many innovation projects and blockchain consortia. A more intelligent answer, though, is that blockchain could be a technology, legal construct and strategy that profoundly impacts your industry and your company in the mid to long term. So, why should you start exploring now? Because have the chance to influence the course the technology is taking, rather than being confronted by it in a couple of years' time. Further, blockchain could possibly enable new revenue streams and lower operational costs. A blockchain exploration project therefore should be aimed at moving to deeply understand the consequences of blockchain on a technical, legal and strategic level. Yet, carefully choosing the right use cases for blockchain will be paramount to the success of the project.  

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Santander Becomes First UK Bank To Introduce Blockchain Technology For International Payments

Santander has announced that they will be the first UK bank to introduce Blockchain technology for international payments through a new app. It’s currently being rolled out as a staff pilot, with the intention to expand the technology at a later date. Santander is the first UK bank to use Blockchain technology to transfer live international payments Payments of between £10 and £10,000 can be made, around the clock at any time of the day The long wait for international payments to be processed is over, funds will appear in the recipients account the next working day Sigga Sigurdardottir, Head of Customer and Innovation at Santander said: “The need for finance has evolved from providing a physical Pound in your pocket or card in your purse, where you pay at a till, to being seamlessly integrated into a new, always on, connected lifestyle. “At Santander we work hard to ensure our banking is simple, personal and fair and believe new Blockchain technology will play a transformational role in the way we achieve our goals and better serve our customers, adding value by creating more choice and convenience.” Once the app is downloaded, users need to complete their profile details and can then start to make payments. It connects to Apple Pay, where users can confirm payments securely using Touch ID. It lets users transfer between £10 and £10,000 and payments can be made from GBP to EUR and USD. Currently, payments made in EUR can be sent to 21 countries and US Dollar payments to the USA only. The Blockchain technology underpinning the app is provided by Ripple, a company which Santander Innoventures has also invested in. Working with Ripple builds on Santander’s philosophy of collaborating with the most innovative companies to consistently provide better services to customers.   Chris Larsen, Chief Executive Officer at Ripple said: “Ripple is redefining the way that value moves around the world, and today we’re already enabling real-time, affordable international settlement between banks who have adopted our solutions. “As an early adopter and pioneer in the banking industry, Santander is the first bank in the world to transfer real funds externally. In doing so, they are creating a new, exemplary standard of service.” In line with all new technology launched by Santander, security is of paramount importance. Security and regulatory compliance is central to all activity undertaken at Santander and this app has undergone the same rigorous testing all new technology goes through ahead of roll out. About the Author Latest Articles About Richard Kastelein Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene. He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc. In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government. Visit Website

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Wien Energie is Gearing Up for a Large-Scale Blockchain Rollout

Wien Energie, the largest energy supplier in Austria, is getting serious about blockchain as part of its developing business strategy. In interview with CoinDesk, the firm's CEO, Michael Strebl and managing director, Peter Gönitzer, opened up about their new blockchain energy trading proof of concept, explaining how the pilot will serve as a model for future blockchain work. First announced 16th February, the project will see Wien Energie partner with Canadian DLT consulting firm BTL Group and the Austrian arm of global accounting firm EY. According to Strebl, Wien Energie is keen to continue testing blockchain under "lab conditions" on the basis it could be market ready within a "few years". Strebl explained that the firm aims to get ahead in order to be able to integrate blockchain into future business models "at an early stage". He said: "A wide-scale rollout will certainly give rise to completely new market opportunities in terms of services and applications offered by energy providers." The primary short-term focus of the program will be developing blockchain systems that efficiently manage confirmation matching, trade and portfolio reconciliation, and regulatory compliance, the company said. Longer-term goals focus on developing peer-to-peer trading and energy grids. Notably, the company already sees that this transition could have a material impact on its business. "We regard our future role to be even more that of a provider and service platform," Strebl said. Wien Energie serves over 2 million customers in the Greater Vienna metropolitan area.

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Canadian Regulator: Blockchain & Fintech Needs Open Data Access for Development

Canada’s largest securities regulator has stated that open access to data is fundamental to developing fintech solutions like blockchain technology, in a white paper, reports Reuters. Last November, the Ontario Securities Commission (OSC) hosted a hackathon, with the aim of discovering innovative FinTech solutions for the finance sector. Its paper was the result of the hackathon. According to Pat Chaukos, chief of OSC LaunchPad, which is a regulatory sandbox to promote innovative solutions, blockchain can provide answers for problems that companies are experiencing. // Let us help you become financially independent. Read exclusive stories, bitcoin analysis, and tutorials. Use the coupon code "CCN5" and get $5 off. Join Hacked.com now. // Chaukos said: You need to have the open-access data before you can get to the innovation. In a bid to further expand the sector between the two nations, regulators in the U.K. and Canada signed an agreement earlier this month. By doing so they have made it easier for FinTech companies to expand into each other’s markets, which resolves the issue of growth. More, though, needs to be done. EU Law Set to Shake Things Up The European Union’s Payment Services Directives 2 (PSD2), which is due to come into effect in early 2018, is expected to bring the change that many financial technology companies are seeking. The new directive will allow a third party, such as a FinTech company, to access banking data with the customer’s permission, establishing greater confidence to users in the reliability of the services. It would also make signing up for financial services easier. And yet, while it will help shake up the way banks work with data, some European FinTech firms believe that banks are lobbying against the EU legislation. Of course, banks want tighter regulation on financial technology firms and their access to customer data for fear that cybercriminals will obtain the information. It is because of this that FinTech companies believe that banks will delay response times to access requests. Banks and FinTech to Collaborate But, if banks are to thrive in the face of FinTech it needs to collaborate with the companies to remain relevant. As with anything new, change is slow to take shape, but as Mark Carney, the governor of the Bank of England said, FinTech brings great promise and risk that need to be understood to realize the benefits. With access to open data, though, it would improve manual regulatory processes such as how information is collected and analysed, the white paper asserts. Not only that, but it would boost competition and provide concrete benefits for investors too.

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IBM Launches Carbon Credit Management Using Hyperledger Fabric Blockchain

On March 20, IBM announced that it had launched the world’s first blockchain-based carbon asset management platform built on top of the Hyperledger Fabric distributed ledger in cooperation with Energy-Blockchain Labs.   The new platform will be used by the Chinese carbon asset market and will enable companies to create carbon assets more efficiently to help build a “greener” and environmentally-friendlier China. Carbon asset development, also known as CER (Carbon Emission Reduction) quota issuing, refers to the development of financial instruments called carbon credits that allow the owner to emit a specified amount of carbon dioxide and other greenhouse gasses. Companies can acquire credits either through reducing emissions below their allowed quota or through other emission-reducing activities. They can also buy carbon credits from other businesses that have acquired them, at the prevailing market price. Carbon asset development incentivises companies to reduce emissions as there is a financial cost to emitting too much carbon while a profit can be realized by generating fewer carbon emissions. China is the world’s largest source of carbon emissions and, therefore, has an established carbon asset market as both the public and private sector strive to control carbon emissions. The Chinese company, Energy-Blockchain Labs has collaborated with IBM to create the Hyperledger Fabric-based carbon asset management platform which will be made commercially available as the year progresses, in line with the timelines for the opening of China’s unified national carbon market. Lin Le, Energy-Blockchain Labs' CEO stressed the company's commitment to being a world leader in digitized green assets and thus enhancing the efficiency of the green finance market. “We are delighted to be working with IBM on carbon reduction. We also expect to work with more partners to tackle climate change,” Le said. The incorporation of blockchain technology into the carbon market ecosystem helps address some of the key challenges that it faces. The fact that the blockchain is immutable provides more credibility for the Carbon Emission Reduction (CER) quotas or carbon credits in the market. The distributed nature of the ledger also increases audit ability, transparency and seamless collaboration between different stakeholders involved in the development and use of green assets. Speaking of the platforms’ advantages, Cao Yin, Chief Strategy Officer of Energy-Blockchain Labs said: "It is estimated that the platform will significantly shorten the carbon assets development cycle and reduce the cost of carbon assets development by 20 to 30 percent, enabling cost-effective development of a large number of carbon assets. Blockchain technology is expected to become an important means for effective control of carbon emissions, which is of great significance to China, the world's largest source of carbon emissions." Since one of the goals of China’s carbon market is to create an environmentally safe future for the country and the world at large, Li Junfeng, Director of China's National Climate Change Strategy Research and International Cooperation Center (NCSC) praised this development saying, "as an important signatory of the Paris Agreement, China must assume its responsibility for global climate governance and continue to fulfil its pre-2020 climate change action targets and build a standard nationwide carbon market. We must work to limit high energy consumption and high emission industries, encourage clean energy development and further promote energy saving and emission reduction. These tasks are not only necessary for China's own sustainable development, but for the welfare of the entire human family." "The use of blockchain technology in carbon emission reduction by IBM and Energy-Blockchain Labs is an important step forward, It is another way IBM is helping Chinese businesses use innovative technology to build a cooperative, fair and reasonable global climate change governance mechanism,” said IBM’s Greater China Group chairman Chen Liming. The creation and implementation of a blockchain-based carbon credit management platform are expected to greatly improve the current state of the carbon credit market faces and will hopefully help to encourage more sustainable business practices so that carbon emissions can be reduced.

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Alibaba Turns to Blockchain in Fight Against Food Fraud

China-based e-commerce giant Alibaba has teamed up with PwC to develop a system to reduce food fraud using blockchain tech. 广告 The Alibaba Australia project, which also includes AusPost and nutritional supplement maker Blackmores as partners, is aimed to improve the way foods are tracked, cutting down on the risk of counterfeit products on the market. The so-called 'Food Trust Framework' effort will see the partners build a pilot blockchain platform in Australia that will track products from producer to consumer. "This will include the development of a pilot blockchain technologies solution model for vendors to be utilized by participants across the supply chain," Alibaba said in a statement today. According to ZDNet, Alibaba said the blockchain platform would allow shipments to be tracked in real-time, as well as improving security and transparency in the fight against fraud. "The signing of today's agreement is the first step in creating a globally respected framework that protects the reputation of food merchants and gives consumers further confidence to purchase food online," said Maggie Zhou, managing director of Alibaba Group Australia and New Zealand. Food fraud has increasingly become an issue, especially in Alibaba's home nation of China. The new initiative is being seen as a testbed for solutions to the issue that has cost lives in the country and elsewhere. The move may also bolster Alibaba's reputation following accusations that its online marketplaces are rife with counterfeit goods.

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G20: Blockchain Essential to Build Inclusive Transparent Digital Economy for All

Blockchain holds the key to building an inclusive digital economy that is secure and transparent for the globe’s citizens, according to a new G20 report. Published last week, but updated earlier this week, the report details how the blockchain can play a vital role in improving economic resilience as ‘governments fight to restore the public’s faith in cross-border economic cooperation.’ Julie Maupin, author of the report and a senior fellow with the Centre for International Governance Innovation (CIGI) said: // Let us help you become financially independent. Read exclusive stories, bitcoin analysis, and tutorials. Use the coupon code "CCN5" and get $5 off. Join Hacked.com now. // The G20 must take decisive steps to harness this technology in service of its policy goals across the core focus areas of economic resilience, financial inclusion, taxation, trade and investment, employment, climate, health, sustainable development, and women’s empowerment. She adds that failure to do so ‘risks further fragmenting the global economy, undermining public trust in international economic institutions, and pushing the most cutting-edge blockchain developments into dark web deployments that are beyond the reach of government influence.’ However, she states that: By acting now to embrace blockchains’ socially beneficial properties and minimize their potential downside risks, the G20 governments can lay the foundation for a just, prosperous, and truly shared global economy. Banks Efforts to Implement Blockchain While some don’t think the blockchain is going big anytime soon, despite investment being poured into researching and developing the technology, determined efforts are being undertaken within the financial sector to implement the blockchain to improve services for its customers. Mark Carney, governor of the Bank of England, realizes the potentials that the technology can provide. In a report, he said that while the distributed ledger poses risks, it also creates new benefits for businesses and consumers, creating a new financial system for a new age. In her report, Maupin is aware of these risks by saying: Blockchains also introduce grave new risks to the global economy by displacing or bypassing some of the intermediaries upon whom governments have historically relied to implement important regulatory safeguards. While she states it’s not clear how safeguards such as the Financial Action Task Force can combat tax evasion, money laundering, terrorist financing and other dark web activities, she says that the blockchain has already helped to replace failures within the financial industry. They are helping to expand financial inclusion to previously unbanked populations. They stand poised to improve the oversight of international markets by supplying policymakers with real-time data on financial flows and asset class risks.

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The Impact of Blockchain on Trade Finance, and Cybersecurity

Companies in today’s ‘digital first’ ecosystem are being forced to continuously innovate in order to stay at the forefront and remain competitive in their industry, particularly in the financial services and financial technology space. Blockchain technology is already starting to reinvent the infrastructure for global finance; anything that facilitates the frictionless flow of money. Yet blockchain is frequently associated with fraudulent ponzi schemes and trading scams. Blockchain technology sits on a consensus-driven distributed ledger that facilitates and keeps a record of all historic transactions, without the need of a third party – a concept which could revolutionise global trade, and challenge the existence and purpose of intermediaries such as commercial banks and brokers. Decentralisation, Cryptography and Security Blockchain’s success is underpinned largely on cryptography and security research. Looking back at the history of distributed systems and automation, decentralised internet applications such as BitTorrent and Napster paved the way for Bitcoin to contribute towards a useful application of the Blockchain. // Let us help you become financially independent. Read exclusive stories, bitcoin analysis, and tutorials. Use the coupon code "CCN5" and get $5 off. Join Hacked.com now. // We are now at a stage where combining distribution networks, peer-to-peer consensus, and cryptography to automate smart contracts, trade finance tools, and the sharing of data. Security Risks Banks and financial institutions around the world are starting to create standards and protocols around public and private blockchain use cases. The security around integrating a distributed ledger system in financial institutions is priority – as daily operations, smart contracts and the sharing of data is embedded into Blockchain technologies within financial institutions, is key. As an example, Interpol recently suggested that blockchain has the potential to export malware or other illegal data to all other computers on a network. What does this mean? Cybersecurity experts at Interpol confirmed that there is a fixed open space on the Blockchain, meaning it could be targeted for malware or storage of illegal data, and difficult to wipe the data. For networks sharing data on the blockchain, a virus could be uploaded onto this fixed open space and infect others on the network, and be difficult to clean up. Many experts have seen the blockchain as a disruptor in the trade finance space too, but again, there are inherent problems. Trade finance is the umbrella term used for the financing of goods and services overseas. Normally trade financiers stand between the buyer and a seller to confirm a transaction and provide a payment guarantee for the seller, and the blockchain has recently been seen as a potential disruptor to take on trade financiers. However, the anonymity of the blockchain is challenging from a trade finance security aspect – the due diligence and compliance checks will always be required, as trade finance is subject to much fraudulent financial activity. Furthermore, given the nature of currency fluctuations, trading in multiple jurisdictions and the cumbersome process of shipping documents / confirmations, trade finance fraud is common. Can Blockchain help trade finance and mitigate cybersecurity risks? On the contrary, there are some potential applications that utlise blockchain technologies to enhance security and reduce risks. As an example, Guardtime’s security solution, the KSI, which stands for Keyless Signature Infrastructure has the ability to replace RSA digital signatures, and runs on a private blockchain. A Keyless Signature Infrastructure can be run on a private blockchain so that authentications are not tampered with, and are timestamped, and stored in the cloud. By doing this, such as application components, log files and firmware, the system can provide real-time alerts to any compromises (eg: hackers or malware), “allowing organizations to identify and manage breaches in real time”. It means that issues around two-factor authentication are no longer, and it’s a solution which could be applicable to many areas within trade finance, from confirming the identity of goods in a Letter of Credit, to allowing access to data within the supply chain.The privatisation of Guardtime’s blockchain means authentication can happen within one second, as well as offer massive scalability which RSA verification does not. Guardtime’s benefit over traditional databases are that records cannot be altered, deleted or changed / updated, which from a regulatory perspective, is much for audit trails and record keeping. The blockchain in this case can prove the integrity of the record, and everything that has happened to it over time. Then there is MIT’s Enigma. When a reputable educational institution works on huge Blockchain projects, it’s a big deal. Enigma is based on the Bitcoin blockchain, and allows for secure data sharing and code sharing on the blockchain, where users can only access certain parts of the code. “Data is split between different nodes, and they compute functions together without leaking information to other nodes,” the team wrote in a white paper. “Specifically, no single party ever has access to data in its entirety; instead, every party has a meaningless (i.e., seemingly random) piece of it.” according to the founders. With this, Enigma can help transform functions such as loan underwriting and automatic execution, allowing complete user privacy as well as accurate decision making. What next? Global financial services remain challenged by Blockchain, despite the potential for reducing risk, maintenance costs of ‘BAU’, and back-office human processes. It is important to see cybersecurity as a “revenue centre rather than a cost centre”, according to Shadi Razak, member of the founding team for CyNation. It’s important to consider building products with security at the heart of solving the customer’s needs, as opposed to implementation later on, and preventing issues once they’ve occcured. Blockchain can significantly drive security within the trade finance space, and potentially reduce costs if implemented correctly, but there are still inherent risks and challenges to face before they go mainstream.

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Accenture Says It Can Make Blockchain Applications More Reliable and Secure

Accenture Plc, a professional services firm, recently stated it can help make blockchain applications safer, and speed up their deployment in specific sectors, such as the financial one. The company recently unveiled a system in which users would rely on hardware security modules (HSM) to secure their data. Blockchain technology has been tested by a wide variety of companies, including several financial institutions, such as India’s central bank. These, according to the report, want to bring the prototypes they tested onto the real world, but don’t see digital wallets as sufficiently secure, as these have, in the past, been hacked. Moreover, as blockchain startup Tierion put it, blockchain technology may not (yet) be ready for some sectors. Accenture seems to be speeding up the process, by providing financial institutions a system that allows blockchain users to store their security credentials in HSMs, or processors specifically designed to safeguard their credentials. // Let us help you become financially independent. Read exclusive stories, bitcoin analysis, and tutorials. Use the coupon code "CCN5" and get $5 off. Join Hacked.com now. // Regarding Accenture’s new technology, Martha Bennett, a principle analyst working for technology market research company Forrester, said: It is a significant development but it is also not a development that is going to be visible at the front-end of things. It is one of those absolutely essential pieces in the puzzle that makes an end-to-end blockchain deployment actually work Accenture’s contribution Accenture’s new technology currently works with HSMs from a security company named Thales, and with blockchain applications that use code from the Hyperledger group, led by the Linux Foundation. According to the company, coding technology that allows blockchain applications and HSMs to work together has proven a time-consuming and complex task. This technology, however, allows banks to apply blockchain technology in a more secure way, which could help speed up blockchain adoption by financial institutions, as security will no longer be an issue. In the future, the company wants to make the technology work with all types of blockchain prototypes, and with other security modules, so that its use spreads to other financial institutions.