IBM Introduces Innovative Cold Storage Solution for Digital Assets
In a groundbreaking move, IBM unveiled the IBM Hyper Protect Offline Signing Orchestrator (OSO), a cutting-edge technology designed to revolutionise the world of cold storage for digital assets. This innovative solution addresses the limitations of existing cold storage options and is set to reshape the landscape of digital asset management and security.
Revolutionising Digital Asset Security
IBM’s Hyper Protect OSO aims to enhance the security of digital assets by eliminating the need for manual procedures in cold storage transactions. Unlike traditional methods that require human intervention, OSO leverages advanced security features to safeguard high-value transactions. These features include disconnected network operations, time-based security protocols, and electronic approval by multiple stakeholders.
This transformational technology ensures that digital assets are protected at all times, with added layers of security to mitigate potential risks. OSO serves as a bridge between two separate applications, allowing secure communication while maintaining strict security standards.
Collaboration with Industry Leaders
We worked with our partner @IBM to help build Hyper Protect Offline Signing Orchestrator (OSO) — a new technology to deploy #coldstorage for #digitalassets, which addresses the requirements of top-tier banks and financial institutions.
IBM has collaborated closely with Metaco, a trusted IBM Business Partner, digital asset custody provider, and tier 1 banks to develop OSO. Metaco Harmonise, a robust and secure orchestration system for digital asset applications, will leverage OSO’s capabilities to enhance digital asset security.
Adrien Treccani, Founder and Chief Executive Officer at Metaco, expressed his confidence in IBM’s confidential computing division, emphasising the importance of delivering cutting-edge security solutions for institutional-grade custody infrastructure. He highlighted the unique air-gapped cold storage that OSO enables, particularly in response to the increasing regulatory requirements in markets such as Singapore, Hong Kong, and Japan.
Meeting the Growing Demand for Digital Asset Security
As the financial industry continues to evolve, the tokenisation of illiquid assets is becoming a lucrative opportunity. The digital asset market is poised for significant growth, necessitating more sophisticated cold storage solutions. Traditional methods of cold storage are grappling with limitations related to scalability, insider threats, and operational errors, making them inadequate for the evolving landscape.
With digital assets gaining mainstream acceptance, countries like Hong Kong and Japan have introduced stringent security regulations for digital asset custody providers. These regulations mandate cold storage to secure some of the customers’ digital assets. This regulatory environment has heightened the demand for secure and compliant cold storage solutions within the financial sector.
The Power of IBM Hyper Protect Offline Signing Orchestrator
IBM’s OSO is a game-changer in the world of digital asset security. It eliminates the need for manual transaction procedures, reducing operational costs and the risk of human errors. By embracing a zero-trust approach, OSO offers a secure, automated solution that safeguards digital assets.
With OSO, clients can assign auditors to review and approve transactions, adding an essential human control element. Clients also have the flexibility to set timers for transaction signing and verification and blockchain publication. This level of customisation ensures that transactions are executed according to the client’s unique requirements, even in the event of a forced attack.
OSO is deployed within IBM’s confidential computing solutions, specifically on IBM Hyper Protect Virtual Servers. This end-to-end protection solution ensures data security and tamper-proof transactions while enabling faster and more frequent transactions.
Getting Started with IBM Hyper Protect Offline Signing Orchestrator
To benefit from the capabilities of IBM Hyper Protect Offline Signing Orchestrator, clients need access to IBM LinuxONE III or IBM z15 hardware, which can be hosted in their data centres or by managed service providers. Multiple size and price point options are available to accommodate a range of clients, from startups to enterprises. The deployment of OSO requires the configuration of IBM Hyper Protect Virtual Servers, ensuring seamless integration with custody solutions like Metaco Harmonize.
IBM Hyper Protect Offline Signing Orchestrator is set to be generally available on December 8, 2023, marking a significant milestone in the evolution of digital asset security and cold storage solutions.
