VeChain will be adding secure private key management services to improve security in the blockchain technology, VeChain announced the launched of VeKey Based Threshold Signature Turnkey Solution during the San Francisco, VeChain Summit 2019. VeChain’s VeKey is Key solution to the problem of SPOF of private keys. The recent example of an incident of SPOF of private keys when the CEO of Quadrigacx, Crypto Exchange Died with the Only Key to $ 137 Million. If the private keys of a large company are left to an individual, the loss of access can be devastating.
The solution proposed by VeChain will eliminate the risk of SPOF with off-chain multi-signature wallets, in an enterprise-level asset protection solution that combines hardware and software. VeChain in their Medium Post explained VeKay as:
“Featuring hardware-based encryption, memory access control unit, attacks detection, random number generator, and SPA/DPA anti-attack, CG4Q series chips provide robust bank-level security protection and superb performance sufficient to meet the enterprise clients’ demands of security.”
Through this solution, VeKey will divide private key into parts and will store these encrypted parts in separate VeKey devices. The number of VeKey’s used will be predefined by the enterprise, there will be no single holder of the private key, the access will through VeKey will be divided into separate devices, hence the “Threshold” term is used. The VeKey is an easily deployable and customizable enterprise solution so-called “Turnkey.”
There is still much to be done and VeKey should not bring VeChain into the same category as larger block chains. However, this could become an important support for the development of the blockchain – and be part of the foundation of a larger infrastructure.
The recent technical developments are part of the massive steps that the VeChain Foundation is taking towards the growth of the platform. The partnership with Deloitte, one of the four big audit firms, shows a bright future for the blockchain. Deloitte, together with the other audit firms, are adopting blockchain technologies as the field grows to various sectors of the economy.
As indicated by Crypto Briefing – the development of the VeKey SPOF solution could prove attractive to companies yet to deploy DLT or still considering their platforms. Private key management remains a thorny issue, and a satisfactory custody solution could resolve one of the biggest barriers to blockchain adoption.
VeChain is up almost 1.14% percent over the past 24 hours and is trading at $0.006655 as of press time. Following the overall trend on the market, the cryptocurrency saw some growth earlier in these days, Moreover looking at the recent developments and team plans no one can deny from the fact that VeChain is taking a Leap in cryptocurrency market surge in the price of VeChain (Thor) VET is very likely to happen this year.