BLOCKCHAIN & ICOs
Crypto currency market growth continues to make headlines:
- In 2017 alone, the total crypto market capitalization ballooned from $18billion to more than $500 billion (half a trillion)
- In early 2018 some industry leaders predicted the market could grow to $1trillion within 12 months
- In July 2018 the market rose by 15% in just one week
The phenomenal growth of crypto markets has driven rapid parallel adoption of blockchain, often by users who are unsure of the best way to secure valuable data. As a result of widely publicised breaches, many blockchain users are understandably concerned about:
- Account Fraud
- Transaction fraud
- User control and user experience
What are the risks of popular blockchain solutions?
Blockchain solutions rely on a wallet (private key) that must be protected to prevent tampering of the blockchain ledger. This wallet is at high risk of being targeted by hackers as it yields a significant reward. In most cases a stolen wallet can lead to severe financial loss.
When a user engages with a blockchain provider they are given a wallet, which the provider holds or distributes. If held, the provider recommends the user removes it from its servers to reduce risk of attack and theft. The user must then store this wallet securely.
How does Haventec address blockchain security?
Haventec has two products that protect blockchain wallets:
- Authenticate – decentralised authentication to protect access to a wallet and prevent fraud
- Sanctum – decentralised data vaults to protect the data contained in blockchain wallet
Sanctum is capable of securing data in two kinds of vaults, with multiple approaches to preventing breaches:
- Sanctum offline vaults — Sanctum offline vaults give Blockchain providers a safer way to continue to store their users’ wallets securely in their own platforms.The wallet is put into a decentralised vault which is encrypted, deconstructed and distributed.
- Sanctum online vaults — Sanctum online vaults give Blockchain providers a powerful offering to their users for securing their own wallets. Sanctum online vaults secure the users’ wallets on devices of their choice to protect future transactions with the provider.The wallet is put into an online vault with the added security of Authenticate’s algorithm and device fingerprinting to prevent unauthorised access. All blockchain wallet data is secured in an encrypted vault and re-encrypted with new Sanctum keys on every use.