Financial institutions have developed robust key management solutions to secure various aspects of their operations, including data, business applications, and transactions. However, the advent of blockchain and digital assets has introduced new challenges that traditional key management systems are not equipped to handle. These limitations have led some enterprises to compromise on security by storing blockchain keys locally on employees’ devices, a practice that poses significant risks.

Quant’s Approach to Secure Transactions

To address these challenges, Quant has introduced Overledger Authorise, a bank-grade key management solution designed specifically for blockchain-based transactions. This solution enables seamless integration between digital asset and blockchain private keys with existing enterprise key management systems, facilitating end-to-end transaction authorisation across multiple blockchains.

Understanding Keys in Blockchain

In the context of blockchain, a private key is an alphanumeric code that acts similarly to a password. It is essential for authorising and validating transactions on a blockchain network. Despite their importance, these keys can be vulnerable to threats such as human error, theft, or cyber-attacks.

Securing Transactions for Banks and Institutions

Traditionally, banks rely on key management systems that are not suited for blockchain operations. Connecting these systems to a blockchain network would be highly complex. Overledger Authorise simplifies this process by integrating with existing enterprise key management systems, ensuring the secure signing of transactions and efficient key generation. When a business application or workflow initiates a transaction, Authorise automates the necessary authentication, authorisation, and verification processes, safely delivering the transaction to its destination blockchain.

Generating and storing cryptographic keys is fraught with risks, including cyber-attacks, user mismanagement, and technological complexities. For blockchain solutions to achieve the same level of security and convenience as traditional banking transactions, they must be backed by robust key management systems like Overledger Authorise.

Quant officials emphasize that while blockchain has significant potential in transforming banking operations, addressing cryptographic key management is crucial for realizing its full benefits. By providing central bank-grade key management and enterprise-level transaction signing capabilities, Overledger Authorise ensures secure and efficient digital asset adoption across banks, institutions, and enterprise developers.