French cyber-defense and aerospace firm Thales has launched a new integration with blockchain startup Chain aimed to boost blockchain security.
The partnership will see Chain bridging its enterprise-focused blockchain software capabilities with the nShield hardware security module (HSM) developed by Thales. The move comes shortly after Thales unveiled a blockchain offering in conjunction with professional services firm Accenture.
Thales’ HSM is a hardware solution for securely storing private keys – the all-important strings of data that, for example, protect a user’s bitcoin or other blockchain-tied token. As these pieces of information are critical in the context of digital asset management, the hardware offering has been positioned as one that would alleviate security concerns among enterprises and other organisations.
Jon Geater, CTO for Thales’ cybersecurity arm, said in a statement:
“Blockchain is a game-changer in the financial services industry, with the potential to enhance security, speed and operational efficiency. Our integration with Chain provides a strong root of trust and ensures the integrity of the underlying blockchain operations that enables organizations to build, deploy, and operate blockchain-based transaction networks with confidence.”
Regulators are also likely to cheer the advance of security measures in the blockchain space.
In February, the European Securities and Markets Authority proclaimed that distributed ledger technology regulations would be premature, given the state of the tech and a lack of market-wide cybersecurity standards.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Chain.
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