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CONTEXT: Bank and institutions are moving into the crypto-currency space, providing blockchain asset management services to their clients. This service requires the application of technologies and cold storage procedures that ensure agility and safekeeping of crypto currencies during daily operations.

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STATUS QUO

• Generation of keys with human intervention
• Storage and management of keys from central databases permanently internet connected or on paper carriers

LIMITATIONS

INSECURE AND INCONVENIENT:
• Potential fraud and theft/copy of keys
• Hacking attacks targeting central databases

RIDDLE&CODE SOLUTION

Private and public keys representing the wallets, are created on genuine and trusted hardware devices. They immediately deposit the secrets in secure hardware storage..

BENEFITS

• Superior security
• The hardware is enabled with NFC and BLE communication protocols. This means, the complex handling of keys for sending and receiving crypto values can be fully automated, becoming easy and convenient without compromising security

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STATUS QUO

• Transactions are signed off with just one private key
• Lack of a clear defined procedure in place for signature of transactions (i.e. traders have direct access to the private keys)

LIMITATIONS

Funds are prone to attacks.

 

RIDDLE&CODE SOLUTION

Its fundamental architecture relies on multi-signature hardware wallets that can only sign multi-signature transactions in groups.
 

BENEFITS

• Multi-signature-transactions can never be signed (handled) with only one master key (by only one person). As the name says it takes several ones
• The hardware is enabled with NFC and BLE communication protocols. This means, the complex handling of keys for sending and receiving crypto values can be fully automated, becoming easy and convenient without compromising security

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Trader places order from or to the crypto wallet.

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Private key holders have a wallet device with a private key in the vault to sign transactions. Two signatures are required to sign a transaction (multi-signature).

Only authorized personnel is allowed to enter the vault room.

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Private key holders leave the secure data room with signed transaction and transaction form, which is handover to the trader.

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