Digital Asset Recovery and Restoration Possible After Incidents with 'Masterkey' Service
[Asia Economy Reporter Oh Ju-yeon] A way to restore digital assets stored on smart devices even if they are hacked or damaged due to smartphone loss has been opened.
On the 28th, Koscom announced that it signed a memorandum of understanding (MOU) with fintech startup Trustverse to build a blockchain-based solution and expand services in the digital asset management sector.
The digital asset management service name developed through the collaboration between Koscom and Trustverse is 'The Master Key'. This service restores access to all digital assets stored in digital wallets inside devices, such as documents, music copyrights, and DID, which become inaccessible due to loss of smartphones, by utilizing blockchain technology.
When subscribing to the Master Key service, a digital wallet (Mars) for storing digital assets is created, and a unique encrypted key value of the wallet, similar to a car's chassis number, is distributed and stored across multiple servers within the Koscom Financial Cloud. Later, when applying for the loss restoration service using the Master Key service, after identity verification, the key value is recovered, and the digital wallet can be restored by utilizing blockchain distributed storage technology.
To this end, Koscom connects an identity verification service that can prove the actual ownership of the digital wallet and provides financial cloud infrastructure that acts as a fence to prevent sensitive information such as personal data from leaking externally.
Trustverse, as Samsung Electronics' blockchain partner, builds the blockchain-based restoration solution within the Master Key and also supports Samsung Wallet based on Samsung Electronics' blockchain keystore to recover digital wallets. In particular, Trustverse currently uses the cloud of existing global vendors as an overseas corporation but is preparing to move to Koscom Financial Cloud, specialized in the financial sector, to provide stable services in the domestic blockchain field.
Individuals and institutions can prepare for hacking of digital assets by utilizing the Master Key, and as digital assets diversify in the future, they can safely store them, making the financial cloud usable like a digital personal safe.
The transparency of the digital asset market is also expected to expand.
Jung Ji-seok, CEO of Koscom, said, "We will strive to create a service model that can secure the soundness and transparency of the financial market beyond the negative perception that blockchain is merely a technology for creating cryptocurrencies."
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