- IBM introduced Offline Signing Orchestrator (OSO), a new cold storage solution for securely signing crypto transactions offline
- OSO allows creating, signing, and broadcasting transactions without an internet connection by using offline signing devices
- Key benefits of OSO include minimizing attack surfaces, no single point of failure, customizable security controls, and security for institutional crypto investors
IBM has introduced a new cold storage solution called Offline Signing Orchestrator (OSO) that is being used by Ripple-owned custody firm Metaco. The new technology provides an air-gapped signing capability that enhances security for institutional crypto asset storage.
Offline Signing Orchestrator Explained
The OSO technology enables the creation, signing, and broadcasting of transactions without a persistent connection to the internet. This is achieved through a combination of on-chain smart contracts and offline signing devices.
Here’s how it works:
- Transaction instructions are passed to a signing device that is kept offline when not in use. This prevents the private keys from being compromised by a network-level attack.
- The signing device uses the private key(s) to sign the transactions. The signed transactions are returned to an online service that broadcasts them to the network.
- Additional security controls like multi-party computation and threshold signatures can be implemented for signing.
Benefits of Offline Signing
Using an offline signing device provides strong protection against cyber attackCyber Attack Costs Balancer Almost $900,000 Right After System Flaw Discoverys and unauthorized access to private keys. Some key benefits include:
- Private keys are never exposed online even when signing transactions. This minimizes attack surfaces.
- No single point of failure. The signing process can involve multiple authorized individuals.
- Flexibility to customize security protocols and controls based on risk tolerance.
- Peace of mind for institutional investors storing large amounts of crypto assets.
Metaco Using OSO Technology
Metaco provides enterprise-grade digital asset custodial services to institutional investors. They will be using IBM’s OSO technology to securely sign transactions initiated by their institutional clients.
Metaco CEO Adrien Treccani said OSO enables them to build institutional-grade infrastructure solutions tailored to their clients’ needs. IBM has been a key partner for Metaco when it comes to crypto custody and infrastructure.
Conclusion
IBM’s new cold storage and offline signing solution provides essential security for institutional crypto asset storage. As cryptocurrency adoption grows, more institutions are likely to utilize such technologies to safely manage their digital asset investments. IBM is positioning itself as an infrastructure provider in this emerging space.
