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CONTEXT: According to the European Digitalization agenda, every EU Member State should provide the citizens with the unique digital identity until 2020. To support this initiative, countries and institutions require robust infrastructure to safely store and manage these identities.

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STATUS QUO

• Old legacy systems with centralized networks/ central servers
• Standard blockchain architecture is used for decentralized network

LIMITATIONS

OLD LEGACY SYSTEMS:

• Network failure: central servers represent single points of failure
• High infrastructure, maintenance and s ecurity costs

STANDARD BLOCKCHAIN:

Limited interoperability

RIDDLE&CODE SOLUTION

Integrate Red Box into your legacy system by attaching it to the central server. Central server transactions are processed by the Red Box, which transmits produced digitally encrypted hashes to the blockchain.

BENEFITS

• Bridge the old and new systems: centralized servers can interface with the decentralized block- chain network
• Red Box is compatible with all blockchain

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STATUS QUO

Chinese miners use Graphic Processing Units (GPUs) to increase speed and scalability.

 

LIMITATIONS

Vulnerable to hacker attacks: GPUs expose private keys for milliseconds, which is the target attack moment.








RIDDLE&CODE SOLUTION

Field Programmable Gate.

Array (FPGA) are used to sign thousands of transactions per second.
 

BENEFITS

• Multiple Red Box can be scaled to sign up to 20,000 transactions per second
• Future proof: crypto algorithm can be m odified to reflect industry developments
(e.g. quantum computing)

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STATUS QUO

• Standard cryptography (SW and HW) applied to blockchain
• Hardware Secure Modules (HSM)
 

LIMITATIONS

CURRENT CHIPS SUFFER FROM:

• Initialization/Booting
• Draws too much power

NOT-FUTURE PROOF:

Cannot be adapted to accommodate new tech, e.g. quantum computing


RIDDLE&CODE SOLUTION

Crypto hardware integrated into the Red Box module stores the private key ‘off the bus’.




BENEFITS

• Machine integrity: the storage of the private key ‘off the bus’ prevents tampering with device
• Machine identity: Red Box has a unique tamper-proof identity

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The Red Box is integrated with banks current legacy systems by attaching it to the central server. Immediately after, it gets provisioned* and attested** with relevant metadata on the blockchain.

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Banks create digital identities for their customers. These are securely created through the Red Box, and are linked with additional data to allow KYC and AML procedures.

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Banks can enable their clients to transact digitally. The Red Box guarantees that a cryptographically secure process ensures a safe and accurate digital identity and the account on boarding on the client device.

*Process by which the key pairs are created. **Process by which the public key of the crypto tag is registered on the blockchain of choice.

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