IBM has released a new cryptographic signing technology called Hyper Protect Offline Signing Orchestrator (OSO) to handle digital assets stored in cold storage. The aim of this technology is to minimize the risks associated with manual procedures and maintain assets at a safe distance from internet connectivity.
Cold storage, which refers to the practice of storing digital assets offline in a secure environment, is known for its added layer of security. However, the limitations of cold storage often arise from human interactions, such as insider jobs, forced attacks, or operational errors. IBM’s OSO technology seeks to address these vulnerabilities by providing additional security layers.
OSO takes advantage of disconnected network operations, time-based security, and electronic transaction approval by multiple stakeholders. These features ensure that digital assets remain secure and protected even during offline storage.
Metaco Utilizes IBM’s OSO Technology and Highlights Regulatory Requirements
Ripple-owned custody firm Metaco is among the first companies to utilize IBM’s OSO technology. Metaco CEO Adrien Treccani emphasizes the increasing regulatory requirements for cold storage solutions in markets like Singapore, Hong Kong, and Japan. This highlights the growing recognition by regulators of the importance of securing digital assets stored in cold storage.
Enhancing Security Measures for Digital Asset Management
IBM has been actively applying its confidential computing suite of technologies to digital assets and cryptocurrencies to enhance security and protection measures. OSO is the latest addition to this suite and aims to provide a robust security solution for managing digital assets in cold storage.
The introduction of OSO by IBM signifies a significant step toward strengthening the security of digital asset management. By reducing the risks associated with cold storage, this technology may boost confidence among institutional investors who rely on secure storage solutions for their digital assets. It also highlights the continued efforts by industry players to innovate and enhance security measures in the rapidly growing crypto space.
What this means for the Crypto industry
IBM’s release of the Hyper Protect Offline Signing Orchestrator (OSO) technology is a significant development in the area of secure management of digital assets in cold storage. With additional security layers and sophisticated features, OSO aims to address the vulnerabilities that arise from manual procedures and human interactions. This technology has the potential to increase confidence among institutional investors and further enhance the security of digital asset management.