The world’s leading ecosystem for blockchain technology and global cryptocurrency, the Crypto Valley Association, has announced in a press release that it would be publishing what it refers to as the Trusted Key Ceremony Guidelines. The Cybersecurity Working Group, a wing of CVA, has taken the initiative to launch the guidelines to improve and spread the awareness among the masses about the significance and ways of protecting digital assets, securely and safely.
The guidelines were showcased and demonstrated during a free online event on 7th July 2020. The event was named ‘Demystifying Key Ceremonies’ and was hosted by the Cybersecurity Working Group. Some of the leading contributors in the event included Taurus Group and Ledger Vault, who are the leaders in offering digital asset custody software and technology. Auditing and financial powerhouses like PwC and SEBA Bank also took part in the event as a contributor. The event was aimed at exploring ways to define the best practices to safeguard digital assets. The event also paved the way for the Crypto Valley Association to consolidate its position in the cryptocurrency world as a leading global hub for blockchain technology.
The guidelines are designed by the experts at the Cybersecurity Working Group. They have extensive experience in designing, reviewing, and operating the key ceremonies for firms that are active in the blockchain ecosystem. Markus Perdrizat, Chairman of CWG and also heading the Blockchain Risk Assurance at PwC, Switzerland, said that a considerable portion of the financial assets is being tied to cryptocurrencies these days.
It has raised the need to define best practices and standards pertaining to key ceremonies for blockchain technology and cryptocurrencies. The key ceremony marks the beginning of the security of any financial assets or when the creation of cryptographic secrets takes place. Mark reiterated that once the cryptographic codes are created, it is essential to uphold the best security standards from then on. It is, for this reason, the new set of guidelines that were needed and unveiled.
The primary responsibility of the Cybersecurity Working Group is to not only define the best practices and security guidelines for cryptocurrencies and blockchain technology but also to ensure its adoption in the market. The Cybersecurity Working Group also acts as a forum for discussion and ideation for blockchain-based companies and products in the Swiss market while promoting the adoption of the same in the global marketplace.
Emi Lorincz, Crypto Valley Association’s board member, also mentioned about the key role played by CVA’s Cybersecurity Working Group towards setting best practices and security standards with respect to key management, product development, security audits, and other key aspects of the blockchain ecosystem. The publication of guidelines by CVA reflects upon the efforts of the organization and its commitment to strengthening the security levels in the cryptocurrency space.
The unreferenced approach by practitioners to date exposed many vulnerabilities in the blockchain ecosystem that needed to be addressed. It was also needed because of no set security standards or guidelines for best practices. By defining the set standards to be followed by experienced practitioners as well as new entrants to create secure and safe key ceremonies, not only the security levels be enhanced, it would improve the existing processes in place as well.