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How does EgisData for Blockchain work ?

Management of Private Keys and Public Certificates

Blockchain is based on cryptography. Each party transacting on the blockchain signs a transaction with their private key. EgisData creates and holds Public Certificates for the blockchain parties with the corresponding private keys. When a party executes the Smart Contract, the party’s private key is used to sign the transaction. The private Key never leaves the EgisData Vault. If a user already has their Private Key, we would recommend using a special procedure to import both private and public keys into the EgisData. The procedure would generate a special temporary Key which would encrypt the user’s pair of Keys. Encrypted keys would be then sent over TLS to EgisData, decrypted, and then safely stored in its vault. The procedure is designed o reduce the risk of sending private keys over secured and/or unsecured channels. ‍ Note that EgisData holds Public Certificates but it does not assume the role of Certificate Authority.  

Protecting Data

One of the Blockchain Principles is transparency.Transactions recorded on the blockchain are visible to all parties in permission-less blockchains and to some parties in the permissioned. Data stored on the blockchain is not protected. EgisData provides the ability to encrypt data and manage the encryption keys for the encrypted data stored on the blockchain. Moreover,EgisABAC, the fine-grained access control Policy Engine, will enable access to encryption keys only by authorized parties. An access policy for a transaction is signed and can be part of the Smart Contract or stored in the EgisData.

Storing Digital Assets including Security Tokens

A digital Asset is a binary representation of the private key for a wallet address. Through a secured connection, Parties can access the private Key for the digital wallet. The access to the key is managed by the EgisABAC Policy, which is set by the private key owner. The policy can specify who can access the key, when, and how often. The policy can also specify whether there must be multiple parties present in order to access the key. Multiple party access prevents loss of assets, in case the owner of the wallet address is deceased.

A Security Token often requires complex business rules attached to issuance, sale, and transfer of the token to other party. The business rules may be complex and not suitable to be executed on the chain. EgisABAC enables business users to define and write policies in the business language, Epsilon. Those policies are signed by authorized party and executed upon executed upon successful verification of the policy signature. The policy associated with Security Token can be stored on the blockchain or EgisData.

Provide building blocks for secure management of IoT devices

Gartner predicted that by 2020, there would be 20.4 billion IoT interconnected devices. To ensure each device reports authentic data, scalable Key Management and Policy enforcement solutions need to be part of the blockchain IoT ecosystem. EgisData integrates secured and scalable Key Management solutions and EgisABAC facilitates the ability to write, execute, and validate policies at scale.

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