Distributed ledger technology (DLT) provides powerful solutions to achieve decentralised operations, but running a DLT platform securely remains a challenge. One critical problem in such platforms is the secure management of the keys that are used in the DLT operations. Using a cryptographic technique called secure Multiparty Computation (MPC), it is possible to overcome the key management problem in DLT platforms.
An area of MPC which is called threshold cryptography facilitates the distribution of a secret key to multiple parties, which eliminates the risks of a single point of failure. We have released a version of Multiparty Computation Threshold Cryptography that can be used for digital signatures.
Pyctor, an ING-led initiative, in collaboration with ABN AMRO, BNP Paribas Securities Services, Citibank, Invesco, Société Générale – Forge, State Street, UBS and others, is a digital assets post-trade market infrastructure for global custodians, institutional issuers and other capital market actors. It empowers customers to securely issue, access and manage digital assets in a regulatory compliant manner.
The solution utilises MPC Threshold Signatures to decentralise the management of private keys, for a greatly improved security.