Elliptic Wins The Banker Technology Award for Security

UK-based Elliptic, a startup specializing in the secure storage of bitcoins, has won The Banker's Technology project award for security.

Elliptic provides a “deep Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term” vault solution for bitcoins, which keeps them offline and out of the reach of hackers. Additional physical layers of protection are employed as well. It says to have insurance coverage for holdings, and earlier this year attained ISAE 3402 accreditation following a review from KPMG.

Recently, it sought to further enhance security through a partnership with Gem, employing the latter's multisignature technology. It also recently launched a tool for bitcoin transaction monitoring and compliance.

James Smith, CEO and co-founder, commented that the startup plans on adding additional Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term intelligence services in the coming months.

The importance of Bitcoin for the broader financial industry was highlighted in the awards article in terms of blockchain technology. International remittances and micropayments were listed as examples.

The Banker is a monthly financial magazine owned by London-based The Financial Times. Its Technology Projects of the Year awards recognize innovative technology contributions to the finance industry.

This year was the second for the awards. 270 submissions were received for 12 categories. Finance Magnates has inquired as to the total number of submissions for the security category.

Elliptic and bitcoin-powered remittance service Bitspark are among 20 finalists for SWIFT’s Innotribe Challenge finale, to be held at Sibos in Singapore.