Imagine the following conversation between a business leader and an IT expert:
Business Leader: “We are inundated with information from a diverse set of blockchain applications—crypto currencies, funds transfers, asset registries, and the Internet of Things (IoT) payment. We are so busy that we don’t even have time to keep our information safe. I am sure there is a way to solve the issues starting from security to scalability and ease of use.”
IT Expert: “We are already maintaining public keys to secure your information that you need to authorize with the help of your private keys. We wish we could help you if only you could tell us why you are looking to do so.”
It’s a virtual deadlock! We are quite sure that this type of conversation often plays out in the corporate corridors these days. While business leaders know how to run their business in general, they are also looking for help in generating, storing, and managing the user’s cryptographic keys of the Blockchain applications so that they can concentrate on their business. If keys can be stored and accessed securely then handling cryptographic keys of the Blockchain applications can stop becoming a burden and turn into a pillar of strength.
How does one break this deadlock and secure data of Blockchain applications? Smart card and blockchain technology is a perfect match for proper management of cryptographic data of applications. They are like cheese and wine, delivering the life’s greatest information security pleasures.
The blockchain is a revolutionary technology that helps businesses create faster and secure applications that fulfill stringent security requirements. Its crucial innovation is secured with the help of cryptographic keys that ensures security, immutability, and no vulnerability in the network. Inspite of these cryptographic keys, applications face common security issues. Therefore, it is essential to manage cryptographic keys effectively, as the loss of any of these keys leads to the permanent loss of the respective Blockchain asset. This is where smart card technology comes into the picture. Smart cards can be used to effectively manage cryptographic keys, thereby enabling efficient and secure transactions in the Blockchain applications. Private keys are stored on smart cards separate from the public keys.
Smart cards are essentially chips that stores data read by machines. They are embedded with microprocessors to allow smooth transactions. These cards are an essential component of most of the credit/debit cards, SIM cards, and hotel key cards, which are considered the most common, used forms of smart cards today.
The mode of installation, the architecture, and configuration of the smart card processor play a vital role in determining the cryptographic operation times. The time required for carrying out complex cryptographic operations has been minimized. For instance, signing a 1024-bit RSA modulus  would require a fraction of a second, while hash function evaluations are accomplished even sooner.
Applications of Smart Card Technology
Smart cards have been in use ever since they were introduced. They have revolutionized the way a business operates.
- A smart card is a hardware capable of performing operations such as key pair generation with minimum power consumption in the least possible time duration. The secure key pairs are capable of handling attacks of a critical and advanced nature of blockchain applications.
- Smart card technology protects private keys inside hardware with tamper-resistant hardware security and interaction restricted to a limited set of commands and responses, which indirectly increases the overall security of blockchain applications.
- It provides straightforward access to cryptographic keys. The smart card can be a simple card, USB device, mobile device, microSD, an embedded secure element chip, or a wearable device. These devices enable easy, portable, user-controlled access to the keys for performing Blockchain transactions.
- They provide Blockchain applications a secure platform and an established, standardized security evaluation and certification program for protecting keys.
Blockchain applications are the new oil, but it is crude, and when used with the help of one of the smart technology smart card will bring new gold nuggets. Smart cards securely store private keys which are part of the cryptocurrency transactions. Blockchain applications with the help of smart cards help businesses earn more revenue and retain more customers.
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