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The gradual destruction of the Mt. Gox exchange hack is remembered among the crypto enthusiasts for its security breaches and thefts. The seismic wave of stolen data led by a gigantic hacking ended in the inevitable filing of bankruptcy by the exchange.
The root cause behind the hack was quite intricating; however such breaches could have been prevented with a right security approach. When we say best, we are signaling to what banking institutions and Governments have been putting their faith on for last decades and that is secure hardware. We are talking about…
Hardware Security Modules
A Hardware Security Module is a physical computing device which protects and manages cryptographic keys and gives a secure implementation of critical code. These modules come in the form of a PCI card which can be connected to the network directly.
Hardware Security Modules have built-in anti-tampering technology which destroys secrets in a physical breach case. They are constructed around secure crypto processor chips and active physical security measures such as meshes to alleviate side channel attacks. HSMs (Hardware Security Modules) have been actively used in the banking sector and in all industry verticals where secrets of criticality must be taken care of.
HSM Based Security Architecture for Exchanges
This section presents the Ledger recommended HSM based architecture in order to secure the exchange’s hot wallet. Cast a glance at these different modules/services in play:
The HSM (Hardware Security Module) is built around the below-mentioned units:
These Hardware Security Modules are tested carefully and have been limited to misunderstandings of the administrative interfaces. One can say that nothing is unhackable and this would be true, however difficulty in achieving it is a few orders of magnitude higher than just taking control of a comprehensive IT architecture. Thus, the best of security technology is nothing without carefully audited internal processes.
In this post, we have explained about how Hardware Security Modules can revolutionize how blockchain technology works. So, if you are looking to integrate this security module architecture into your crypto exchange, leverage the best of our cryptocurrency exchange development services and enhance the exchange platform operations.
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