Timonet Develops Personal Key Management Technology for Cryptocurrencies Including Bitcoin

[Asia Economy Reporter Hyunseok Yoo] Timonet, which operates the cloud certificate storage service 'EasySign,' announced on the 17th that it possesses personal key management technology, a core technology of cloud-based hybrid wallets.

The company, specializing in mobile transportation card payment solutions, has continuously strived to develop new technologies and plans to enter the virtual asset custody business sector, including cryptocurrencies, through its key management technology.

The newly developed key management technology internally manages keys using HSM (Hardware Security Module). The generated keys are fundamentally prevented from leaking externally. In existing methods, if keys are lost, mnemonic values must be re-entered to regenerate them; however, the newly developed personal key management technology prevents virtual asset loss by enabling key recovery in case of key loss due to user negligence, allowing restoration to the original state, according to the company.

This technology was independently developed based on the accumulated know-how from operating the cloud certificate storage service provided by Timonet. It is expected to be a positive signal for the currently vulnerable security and personal asset protection stability in the virtual asset wallet market, which has a lax key management system and is overcrowded. Timonet also announced plans to launch a cryptocurrency wallet service soon based on this technology.

Park Kyungbong, head of research and development, said, “With the revision of the Special Act on Reporting and Using Specified Financial Transaction Information (Special Act), interest from the financial sector and virtual asset exchanges in virtual assets is increasing, and the importance of custody that safely stores and manages virtual assets is being emphasized.” He added, “Through the large-scale key management technology developed by Timonet, we will provide custody services at the financial sector level for blockchain-based virtual assets and the DID industry.”

This content was produced with the assistance of AI translation services.