Blockchain as a service is making its way into a number of domains which includes banking, logistics and supply chain to name a few. But, there has been a recent addition in this list which is security business; this sector remains one of the most successful and profitable business domains. Renowned firm Infineon has come up with one such unique blockchain based solution dubbed as Blockchain Security 2Go Starterkit which offers FinTechs and Blockchain designers to assimilate hardware security in their systems.
Indeed, digital transactions are at a high risk if they are not performed within a highly secured network. There is a high probability of fraudulent activity in case of serious bugs and loopholes in a system or network. Therefore, digital transactions need to be carried out in a fully secured as well as user-friendly network system. This stands completely, true for a blockchain platform also wherein the user identification is one of the crucial security features.
Blockchain as a service has very peculiar character when it comes to digital transactions. It offers wonderful speed, enhanced security network and reduced cost as compared to the remittance offered by the banks. However, there are several concerns related to the storage of sensitive information as mentioned by Tech Node. If the system or mobile phone is hacked there is a great chance of losing user’s confidential data and private key. The same is warned by Blockchain Security 2Go Starterkit developer Infineon as well.
The hacking is possible through malware which will unveil the complete information of the blockchain user and its related assets which can be cryptocurrency or smart contracts. In the same way, is at all the user loses the details or credentials all the important information is lost too because the login information is generally not stored.
According to News Electronics, Infineon’s Blockchain Security 2Go starter kit will be out in the market by the first quarter of next year.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]