Over the past several years, digital intruders have stolen millions of dollars’ worth of cryptocurrency. Some crypto exchanges have been hit multiple times; some even went bankrupt. Last year’s series of record-setting hacks seems to indicate that crypto exchanges have a long way to go when it comes to protecting their clients’ digital assets.
IBM LinuxONE server protects digital assets
At INBLOCK, we’re creating a better security solution for digital asset holders. We think that blockchain technology and the IBM LinuxONE server’s secure service container (SSC) are the best solutions to protect against potential threats in the crypto market. In the LinuxONE SSC, the software, operating system, hypervisors and dock container image cannot be modified.
There are, of course, many solutions to prevent cyberattacks. But these are often still vulnerable to hacking. For example, quite often, stolen system administrator credentials are used to get access to apps and data. But LinuxONE protects the SSC environment from this kind of hacking.
IBM’s LinuxONE is an example of a secure data server platform that is designed to meet the requirements of current generation as well as next generation applications. It is especially useful in a blockchain environment.
Blockchain technology provides the cyber exchange backbone
Blockchain technology has the potential to revolutionize all industries. In cryptocurrency exchanges, for example, the Security Token Offering platform needs blockchain technology. The exchange also needs to be aligned with government regulation between cryptocurrencies and blockchain technology.
The INBLOCK security solution will use blockchain and LinuxONE to protect clients’ digital assets from cyberattack. The INBLOCK platform, which includes a security token, crowd funding and a decentralized exchange, lets crypto startups raise funds and comply with government regulation.
We’re quite proud to roll out the first use of IBM LinuxONE in the Korean cryptocurrency market. We hope to lead the global crypto marketplace in using the solution to prevent cyber theft.
Watch Jay Baek discuss IBM LinuxONE for crypto exchange security:
From time to time, we invite industry thought leaders, academic experts and partners, to share their opinions and insights on current trends in blockchain to the Blockchain Pulse blog. While the opinions in these blog posts are their own, and do not necessarily reflect the views of IBM, this blog strives to welcome all points of view to the conversation.