Austrian State Printing House: Cold Wallet Solution Prevents Cryptocurrency Theft

Cryptocurrency

The US cybersecurity company CipherTrace reports that digital currencies amounting to 1.2 billion USD were stolen in the period of January to March 2019 alone. To combat this rise in cryptocurrency theft, secure technologies for storing cryptocurrencies are just as much required as effective regulations. So-called hot wallets are a great security risk: the private key used for such cryptocurrency accounts is stored at exchanges or connected to the internet in another way.

With Chainlock, YOUNIQX Identity AG, a subsidiary of the Austrian State Printing House (OeSD), has developed a highly secure and forgery-proof cold wallet solution. It enables secure offline storage of digital currencies such as bitcoins. The cryptographic key is only known to the user where necessary.

This highly secure solution has been met with great enthusiasm at the relevant trading platforms. What is more, Chainlock is also the perfect token container for STOs pursuing a retail strategy.

Read More: Cybersecurity Career Readiness with Digital Defense

Advantages of this B2B product:

  • Key generation in high-security zone: the generation procedure, for which a patent application has been filed, ensures that nobody can view the key pair – not even YOUNIQX staff.
  • Effective counterfeiting protection: the security seal ensures that nobody can secretly read the private key.
  • 100% offline: unauthorised access to the private key via internet, WiFi, NFC, CryptoLocker, private-key scammers, etc. can be ruled out entirely.
  • Water- and heat-resistant: the new credit-card-sized Chainlock card is robust and handy.
  • 100% independent: the private key’s owner benefits from coins created due to forks.
  • Easy to use: IT knowledge is not required (find the app at chainlock.com/app).
  • 100% user autonomy: nobody but the owner can use the private key.

B2C: Chainlock is available via various partners such as Tokenize Exchange in Singapore and Coinfinity in Central Europe.

Read Also: New ISA Global Cybersecurity Alliance Accelerates Education, Readiness, and Knowledge Sharing

Previous articleAI’s Top Use Cases
Next articleInfosys Opens New Cyber Defence Centre in Bucharest, Romania