Adding a Few Billion Dollars in Cyber Security to the Cryptocurrency Market


Cyber Security

Modern commerce needs modern security. The industry has invested a few billion dollars in the technical foundations for hardware-enhanced security in modern computing devices. The non-profit Trusted Computing Group, with over 100 members from around the globe, has been an effective standards body to shepherd this development.

Today, over a million devices with hardware security features are delivered to market each day, ranging from simple key protection to high-assurance separation of process on the motherboard.

The opportunity to integrate the advanced security tools of today’s modern platforms with the fantastic capabilities of the Blockchain and the Bitcoin protocol is tremendous. The range of capabilities is very broad, from simple binding of an account to the identity of a device to full trusted execution of a Bitcoin instruction. While these technologies are complex, and challenges must still be overcome, the user experience must be simple. The goal is to make Bitcoin transactions the best transactions.

Today’s modern platforms have the primitives to support the automation of transaction security. The user has a very simple request: make it safe and make it simple. Simple security is often an oxymoron; however, this doesn’t need to be the case when a strong foundation is brought to bear.

The heavy lift of replacing all consumer devices started almost a decade ago. As the installed base of trusted computing-capable devices reaches a tipping point, the application of the technology will grow exponentially. It has been silently building for a long time.

The best security is built-in and requires no training. We have all had an experience where smart engineering saved us from ourselves. For example, the way automatic car windows will reverse on sensing pressure rather than crush your hand. There are also bad examples, and everyone has their own experience of a safety system that rendered a product almost useless. Trusted computing has the potential to provide an exceptional experience for the user: protection that is world-class and well-engineered but still provides a simple user experience.

Bitcoin has strong foundations in real security and is the perfect environment to leverage the cutting-edge capabilities for modern commerce. It can be like adding Siri to an iPhone; many still think it’s easier to type, but it changes our expectations for all services going forward.

Modern commerce should not be about SMS tokens, hard passwords and understanding cryptography. Modern commerce is about delivering an exceptional experience—and one that has the highest safety ratings. Leveraging the cutting-edge built-in security capabilities will be one of the great reasons to use Bitcoin over other payment methods.

At Rivetz we strive to provide solutions that will delight the user and also provide real provable security value in the transactions—raising the consumer’s expectations for simple transactions with best-in-class safety, setting the bar for modern commerce and driving the users’ desire to adopt a better and simpler commercial relationship that meets the privacy, safety and simplicity expectations that invite the user back for more. 

Reprinted by permission.

Image credit: CC by BTC Keychain

About the author: Steven Sprague

Steven Sprague is the co-founder and CEO of Rivetz Corp., a director at Wave Systems Corp and one of the principle industry evangelists for the application of trusted computing technology. Rivetz is playing an important role in providing the key technologies for the protection of private keys and secure instructions for Bitcoin and other cryptocurrencies.

Sprague served as president and CEO for 14 years at Wave before transitioning to the board of directors. A popular speaker on cybersecurity and trusted computing, Sprague has a strong technical foundation in the principles, capabilities and business models of incorporating trusted hardware into everyday computing and is skilled at translating these concepts into layman’s terms.

Sprague graduated from Cornell University with a B.S. in mechanical engineering. He enjoys farming in Western Massachusetts with his wife, two daughters and a few too many horses.

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