Can Eriş, XYZ Technology – Software Developer, “Custody of Blockchain Based Digital Assets”
Date: December 13, 2022
Time: 15:30-16:30
Venue: Institute of Applied Mathematics (IAM), Hayri Körezlioğlu Seminar Room (S-212)
Abstract:
The term “digital asset” is defined by the IMF as “digital representations of value, made possible by advances in cryptography and distributed ledger technology. They are denominated in their own units of account and can be transferred peer-to-peer without an intermediary.”
As the digital asset market continues to grow, and individuals and institutions begin to accumulate digital assets that exhibit significant value, the safeguarding of these assets takes on greater priority. Private keys represent the single-point-of-failure in a world of digital assets: they are the only access to an asset, difficult to remember, and are targets for malicious attacks. Losing the private key to an asset is likely to result in the loss of all the respective holdings, with little or no possibility of recovery.
Thus, the main functionality of digital asset custody solutions lies in the safeguarding of private keys — a cryptographic complex alphanumeric combination used to represent, transfer, and operate the holdings. The custody landscape comprises of different options, as well as cryptographic technologies such as multi-party computation that allow shared custodianship of assets that was previously impossible for traditional asset classes.
