eCurrency, a company supporting the adoption of digital currency by central banks, has deployed nCipher security to improve its online security.
Through this deal, eCurrency will implement the nCipher nShield hardware security modules to bolster the security of its Central Bank Digital Currency (CBDC) solution.
Ireland-based eCurrency is a global organisation which aims to get central banks using digital fiat currency alongside traditional notes and coins. It is supported by 30 central banks all working to design a secure digital fiat solution, with tests, pilots and deployment plans in place.
The group uses hardware-based cryptography to ensure operations are protected. The nShield solution will be able to offer accelerated cryptographic transaction rates, and a FIPS-compliant solution to meet reporting and auditing requirements.
nShield is a hardware security module which gives secure cryptographic processing, key generation and protection, and encryption, among other online security measures.
nCipher Security CEO Cindy Provin said, “As global organizations embrace digital currencies, those organizations need to demonstrate they’re capable of protecting the fidelity of these currencies and transactions.
“With nCipher, financial organizations like eCurrency can provide the security required for central banks to evolve their national currencies efficiently and confidently. In offering solutions that deliver trust, integrity, and control to business-critical applications, nCipher enables organizations in all industries to stave off data security threats and focus on their number one priority: customers.”
Earlier in the year, nCipher was acquired by Entrust Datacard, an identity and secure issuance technology developer.
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