The Risks of Private Keys

Security means everything in the financial world. Would you put your money in the bank without any guarantee that you’ll be able to withdraw it at any moment? Probably, no. You need a vault for your money that you’d be confident about and not losing sleep because of it. 

The same applies for digital wallets. There are a lot of good, stable, secure one with high-end cryptography technology employed. However, all these wallets also contain the most common single point of failure: the private key. You just can’t deny the human factor.

• The user may share their private key instead of the public one.
• They may lose or forget it and lose access to the wallet.
• The private key can be stolen.

In each of these scenarios, the user will lose their money. If everyone knows the weak spot of digital wallets, why not get rid of it? 

Besides, if we talk about crypto assets, don’t forget that you need different wallets for different currencies. More private keys to manage. How well do these wallets work together? This can impair an institution’s ability to do business effectively by limiting the parties with whom they can transact.

What is Fireblocks?

Institutions require a more secure, flexible and scalable solution to succeed and thrive in the burgeoning digital asset market.

That’s why SwissBorg chose Fireblocks: the most secure and flexible cryptocurrency custodian platform that uses world-class multiparty computation technology to secure digital assets in storage and in transit. 

Fireblocks is an easy-to-use digital asset security platform that helps financial institutions protect digital assets from theft or hacking by using breakthrough MPC & patent-pending chip isolation technology to secure private keys, API credentials and eliminate the need for deposit addresses. Fireblocks aims to offer financial institutions an all-in-one platform to run a digital asset business, providing them with infrastructure to store, transfer and issue digital assets. 

MPC Technology 

Multi-party computation (MPC) is the ability for multiple parties to jointly perform mathematical computations without one party ever revealing its secret to others. Fireblocks combines MPC-CMP with hardware isolation to create a multi-layer security technology. This eliminates a single point of failure and insulates digital assets from cyber-attacks, internal collusion, and human error.

This way we have a secure, flexible and scalable system behind the SwissBorg app that lacks the most common vulnerability: the private key. For more information, visit SwissBorg’s Help Center and Fireblock's official website.