eCurrency chooses nCipher

As central banks embrace prospect of digital currencies, ensuring hardened security a foremost priority.

Thursday, 21st March 2019 Posted 5 years ago in by Phil Alsop

eCurrency is using nCipher nShield hardware security modules (HSMs) to help strengthen the security embedded in its Central Bank Digital Currency (CBDC) solution. Dublin, Ireland-based eCurrency is a global organization that enables central banks to securely and efficiently issue digital fiat currency to operate alongside traditional notes and coins. The company consulted with over 30 central banks in designing its secure digital fiat currency solution and is currently engaged with central banks around the globe in testing, piloting, and deployment planning.

Considering there are more than $5 trillion of banknotes and coins in circulation worldwide, there is enormous potential for the eCurrency technology and CBDC, which is the digital form of that fiat currency. But, the potential also comes with major risks, as any form of security breach or compromise to CBDC will have massive global consequences.

Using hardware-based cryptography across the entire eCurrency infrastructure is key to the company’s security strategy, as the technology ensures all CBDC is protected by the highest levels of cryptography available. Well aware of the challenges inherent in financial digital transformation, the eCurrency team honed in on the hardened, tamper-resistant HSM environment as the best option for fulfilling key management and cryptographic duties – and opted for the nShield HSM.

In addition to delivering some of the highest cryptographic transaction rates in the industry, nShield HSMs offers a robust, FIPS-compliant platform that allows organizations to meet critical regulatory audit and compliance requirements. nCipher’s solutions and services, which are used by 5 of the top 10 Fortune 100 and 10 of the top 20 FTSE 100 companies, enable organizations to keep pace with innovation while protecting their business critical assets from security breaches.