Censo, a pioneering FinTech company behind self-custody and private key management solutions, announced that it has developed a new technology that enables organizations to manage their digital assets. This is notably achieved through software that’s open source, audited, and trustless, making Censo not just secure, but rather, verifiably secure. Censo’s tech breaks away from the conventional multi-party computation (MPC) model – which has thus far been the dominant method for securing digital assets – to a truly decentralized key management solution.
Also Read: Global Fintech Interview with JB Orecchia, President and CEO of SavvyMoney
“It makes a very compelling case as an alternative to MPC for organizations who want truly decentralized key management and self custody.”
For the first time, Censo permits organizations to take full agency and responsibility over their digital assets by managing their own private keys without ever being exposed to the intricacies and risks of key management, such as keeping seed phrases. This, combined with organizationally-compliant design such as hierarchical key management, provides them with a higher level of security, complete sovereignty, and seamlessness. Importantly, Censo enables organizations to eliminate their dependence on centralized, third-party custody providers, which can be costly, complex, and pose additional security and trust-related risks.
“Censo leverages the secure hardware enclaves present in today’s mobile devices together with their biometric gating to tightly bind cryptographic keys to an organization’s users’ nuanced real-world roles,” said Brett Falk, research assistant professor at the University of Pennsylvania. “It makes a very compelling case as an alternative to MPC for organizations who want truly decentralized key management and self custody.”
Also Read: Global Fintech Interview with Al Morris, Chief Executive Officer at Koii
Multi-chain, multi-approver vaults and on-chain policy engines are enforced through smart contracts, thereby inheriting the security of the underlying blockchains themselves. This ensures that policy enforcement cannot be separated from private key access, which cures a key vulnerability associated with common off-chain policy engines. These features are key for any organization looking to safeguard their digital assets.
Andrew Lawrence, CEO of Censo said, “There’s a lot of ‘decentralization theater’ out there. This exposes organizations to unacceptable risks, the unfortunate results of which we witness time and time again. Custody solutions and key-handling software absolutely need to be open source and decentralized. We’re excited to provide this game-changing tech to our customers and help them take complete control of their digital future.”
Also Read: Global Fintech Interview with Brian Duncan, President at me&u
[To share your insights with us, please write to sghosh@martechseries.com]
