PRINCETON JUNCTION, N.J., March 23, 2017 (GLOBE NEWSWIRE) -- Implementations of blockchain-based applications are growing rapidly: over $1 billion has been invested in implementations since 2009, with 60 percent of that funding occurring since the beginning of 2015.1 While blockchain can create a faster, secure platform for various types of transactions, all implementations share the critical security requirement of generating, storing and managing the user’s cryptographic keys. To provide guidance for organizations implementing blockchain applications, the Secure Technology Alliance, formerly the Smart Card Alliance, released a white paper today that provides a primer on blockchain technology, and highlights the need for hardware security technology such as smart cards and embedded secure elements to protect and provide convenient user access to cryptographic keys.
The white paper, “Blockchain and Smart Card Technology,” can be downloaded at https://www.securetechalliance.org/publications-blockchain-and-smart-card-technology/.
“It’s anticipated that a diverse set of applications will be implemented using blockchain – everything from cryptocurrencies to funds transfers, asset registries and autonomous Internet of Things (IoT) device payment,” said Randy Vanderhoof, executive director of the Secure Technology Alliance. “With all of these implementations, proper management of cryptographic keys is critical; if those private keys are lost or stolen, any assets associated with the blockchain are lost forever. This resource highlights how the use of smart card and secure element technology to manage the cryptographic keys, used in conjunction with blockchain technology, can enable convenient and secure transactions.”
The white paper provides a primer on blockchain technology, including the role of smart card and secure element technology in blockchain applications, and discusses:
- Use cases for several blockchain technology applications (cryptocurrencies, vaults, interbank funds transfer, asset registry, anticounterfeiting and IoT), including considerations, challenges and real-world pilots or commercial implementations
- Challenges that need to be addressed for blockchain implementations, including permissioned vs. permissionless blockchains, scalability, standards, reputation and consumer perception, security and legal and regulatory considerations
For more information about the Payments Council, visit https://www.securetechalliance.org/pages/activities-councils-payments.
Secure Technology Alliance members involved in the development of this white paper included: Capgemini; CH2M; CPI Card Group; First Data; FIS; Fiserv; Gemalto; Infineon Technologies; Ingenico Group; Kona I; NextGen ID Inc; NXP Semiconductors; Oberthur Technologies; PayGility Advisors; SHAZAM; Underwriters Laboratories (UL).
The 10th Annual Payments Summit, a Secure Technology Alliance event, is taking place March 27-30 in Orlando, Florida at the Renaissance Orlando at SeaWorld and will include presentations on blockchain and other key payments security topics.
About the Secure Technology Alliance
The Secure Technology Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption and widespread application of secure solutions, including smart cards, embedded chip technology, and related hardware and software across a variety of markets including authentication, commerce and Internet of Things (IoT).
The Secure Technology Alliance, formerly known as the Smart Card Alliance, invests heavily in education on the appropriate uses of secure technologies to enable privacy and data protection. The Secure Technology Alliance delivers on its mission through training, research, publications, industry outreach and open forums for end users and industry stakeholders in payments, mobile, healthcare, identity and access, transportation, and the IoT in the U.S. and Latin America.
For more information, please visit www.securetechalliance.org.
1 CB Insights webinar, “The State of Blockchain,” https://www.cbinsights.com/research-blockchain-transcript.