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With increasing cases of cryptocurrency-related thefts, scams, and frauds, there’s an immediate demand for reliable storage solutions. The Austrian State Printing House has invented a cold wallet solution, Chainlock to secure and protect assets.
The waves for the cryptocurrency revolution are too strong to be ignored. As a proof, the hipe has seen one of the printing firm based in Austria that has a history dating back to early 1800s launch a cryptocurrency storage device – Chainlock.
The invented wallet generates from YOUNIQX Oesterreichische Staatsdruckeredentity, a subsidiary of the OeSD, the Vienna-based Austrian State Printing House. This is a trusted printing company which is presently the country’s provider of other secure identity solution and high tech passport designer.
Chainlock is designed to solve the vulnerability of digital wallets to hacking, which, according to OeSD’s Monday announcement “are a great security risk.”
The “100% offline” wallet provides private key generation as well as a high-security enclave, which guarantees that the keys couldn’t be seen by any third party including OeSD employees or YOUNIQX.
Although the digital wallet can be operated through an app, it’s protected from illegal access to private keys over the NFC, WiFi, and internet, the company attests. Besides, crypto stealing malware such as CryptoLocker can’t access keys on the gadget. Chainlock assumes the position of a credit-card-sized sliver of plastic that the company claimed is resistant to heat and water.
Should blockchain-designed tokens on the wallet be split, the card owners will gain from the design of latest coins, the company added.
Migration into High-Tech Identity and Security Offerings
Even though OeSD was initially a high tech paper printer, recently it has gradually migrated into more security offerings and high tech identity, some of which YOUNIQX was established to create. The innovation department has developed My Identity Check (MICK), a reliable video identification service, and an integrated identity management platform known as MIA (My Identity App).
Accessible through Coinfinity, some of the anti-fraud features in Chainlock wallets are similar to those existing on fiat currency or newer forms of passports, with micro-printing on both sides, hologram, constant colour gradient, tactile texturing, and UV including infrared-visible patterns.
YOUNIQX Identity AG
The Austrian State Printing House (OeSD) Group is a high-security company based in Austria with interest on secure identities. As a full-service provider of e-government solutions and ID, OeSD creates, implement and provide personalization solutions for identity documents like the highly safeguarded Australian passport.
In 2018, the portfolio was expanded via the foundation of the innovative partner YOUNIQX Identity AG that provides solutions in the sector of secure digital identities. With Chainlock, the reliable private key, MIA ( My Identity App), the globe’s first system providing integrated identity management, and MICK (My Identity Check) the highly safeguarded video identification service, the firm is optimally set for the digital future.