Secure Multi-Party Computation: applications within blockchain technology

What is multi-party computation?

Multi-party computation and blockchain

  • Any physical upgrade to HSMs is expensive and long to implement and release to the market. This is mostly due to their hardware nature
  • If major vulnerabilities are discovered, the consequences can be detrimental
  • Software updates and new wallets installation need to be done manually, which can be complicated and can increase exposure to attacks
  • Access and transfer of assets is slow
  • Storing the recovery password to access the assets if the HSM is lost or stolen represents another security risk
  • The pin to access the HSM can be manually stolen / subject to attacks
  • Multi-signatures wallets are wallets with multiple private keys requiring a quorum of multiple parties to sign transactions. They provide better security as attackers need to break into multiple places simultaneously. However, this often requires custom coding for specific HSMs which results in additional risks. In addition, it’s operationally complex to manage the transition from a person owning one of the signatories to another person

Different examples of multi-party computation applications within blockchain

Conclusion

References

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Investment company focused exclusively on blockchain technology. www.eternacapital.com

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Eterna Capital

Eterna Capital

Investment company focused exclusively on blockchain technology. www.eternacapital.com

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