Timonet Develops Cloud-Based Encryption Key Management Solution

[Asia Economy Reporter Hyunseok Yoo] Timonet announced on the 24th at the ‘2020 On-Chain Fintech Conference’ held at the Conrad Hotel in Seoul, hosted by the Korea Fintech Blockchain Association, that it has unveiled a next-generation cryptographic key management solution. Timonet is determined to supply its newly developed cryptographic key management technology, which improves upon the shortcomings of existing key management methods, to the rapidly growing virtual asset sectors such as fintech, blockchain, and Bitcoin.

The currently widely used cryptographic key management technology is known to be vulnerable to security risks as keys are encrypted and stored either in the secure area of user devices or on service providers’ servers. Timonet has developed a cryptographic key lifecycle technology that uses secure hardware cryptographic devices to generate, manage, store, and dispose of keys within the device itself, planning to differentiate itself from existing products and secure a leading position in the market.

In 2016, Timonet developed cloud-based certificate private key management technology through a government-supported project. It was commercialized by being applied to the country’s first ‘EasySign’ service. Recently, the company has advanced this technology and was selected as a government-supported technology project operator to integrate it with FIDO2, and is currently progressing with the development.

Park Kyungbong, head of technology development, explained, “In 2018, Timonet applied cloud authentication services to the National Tax Service’s year-end tax settlement site, demonstrating the potential of cloud-based cryptographic key management technology using hardware security modules. Since last year, we have been focusing on developing related technologies for fintech, blockchain virtual asset hybrid wallets, and custody solution technologies.”

Currently, Timonet has partnership agreements with Hancom With and Doobitnarae Soft for virtual asset cryptographic key management and real virtual asset payment solutions. It is also set to sign an official partnership agreement with N-Cipher Security, a hardware security module (HSM) supplier.

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