IBM Unveils New Technology for Secure Crypto Cold Storage
IBM's Automated Security Layers for High-Value Crypto Transactions.
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IBM has announced a new confidential computing solution to enable more secure and efficient transactions of digital assets such as crypto.
The new offering, IBM Hyper Protect Offline Signing Orchestrator (OSO), is designed to address vulnerabilities in current “cold storage” systems that store digital assets offline. Cold storage solutions often require manual, multi-step processes to authorize transactions, increasing costs and the risk of losing assets.
IBM says its OSO technology provides additional automated security layers so high-value crypto transactions can occur without exposing assets to potential theft. The system enables “air-gapped” transactions that prevent direct communication between authorization and transaction components.
OSO acts as an intermediary broker between these components, using policy engines and time-based controls to facilitate verifications. This eliminates the need for constant human oversight.
Swiss digital asset custodian Metaco will be the first to utilize OSO through its Harmonize platform, which banks use to hold crypto. Integration with OSO will enable Harmonize to offer customers a more seamless and secure cold storage system.
OSO bolsters IBM’s position in providing institutional crypto investors with advanced tools for risk mitigation and regulatory compliance around digital holdings. It is expected to be commercially available starting in 2024.