VeKey is the new-age solution for the safety of technical knowledge in any sector. The main aim of it is to offer private key management services that are secured. This can happen by securing hardware and software and integrating them with a processor or coprocessor. The overall set up ensures that the environment created is secured for the transaction of technical knowledge.
The newly launched VeChain’s Threshold Signature Turnkey Solution was introduced on April 18, 2019. The launch was scheduled at the VeChain Summit. The process of securing data is rather simple as the private keys can be disintegrated into many parts, which can then be secured in different VeyKey devices. The trick is to make multiple users the owner of the disintegrated keys, thus ensuring that no single person is the owner of the asset. This has another advantage. If one key is lost, the assets can be accessed with the help of other keys.
The origin of the idea
With the sudden demise of QuadrigaCX CEO, Gery Cotton, both the company and the customers are at a loss since the key to the assets was available only with him and he had not disclosed the whereabouts to anyone. This not only left his customers in financial loss but also left the company bankrupt and struggling to clear off dues. Thus, exposing the perils of blockchain technology.
Blockchain might have brought a number of advantages to the blockchain industry, but it has its own drawbacks too. Its decentralized nature leaves it completely unsupervised when it comes to individual processes, such as the case of Gerry Cotton.
With VeKey’s innovation, the blockchain can now use off-chain multi-signature keys to access any asset.
Why does VeyKey stand out?
With the turnkey solution, the key holders can review or transact from a remote location. This does not require the physical presence of the owner and also ensures that the assets are safe. The best part about the process is it is flexible, and even start-ups can customize it according to their needs.
VeChain Summit 2019
Held in San Francisco this year, the summit brought together innovators from all over the world to discuss and create solutions for the VeChain Blockchain. With clients like the BMW, Safe Haven, Plair, Oceanex, the summit also shared their experience with the innovative blockchain technology.
Competitions were also organized to make people aware of the blockchain and also track the knowledge-base of the in-house members.