BitGo has announced their launch of their BitGo Enterprise solution. It builds upon their existing multi-signature technology by introducing several enterprise-level features commonly found to control processes and reduce risk. These include velocity limits, user management and 24/7 tracking.
The security features, in many respects, can even be considered bank-grade. This allows a large organization such as an exchange to hold large quantities of bitcoins without having to fear them disappearing overnight. BitGo CEO Will O’Brien said:
“Until now, many enterprises faced challenges using Bitcoin due to the risks associated with securing and accessing Bitcoin assets. BitGo Enterprise was designed from the ground up to give organizations the power to securely store and effectively manage Bitcoin holdings…Corporate treasury, key management, and reporting are important considerations for companies using digital currency. As an affordable, scalable and completely secure solution that addresses each of these needs, BitGo Enterprise allows any business to safely and easily embrace the substantial advantages of Bitcoin.”
Among the unconventional security features of the solution: the aforementioned multi-signature wallet that leverages both BIP16 and BIP32 standards found with hierarchical deterministic wallets; and a “2-of-3-key” configuration, whereby three keys are issued and any two can be used to sign a transaction. It ensures against loss or theft while allowing for relatively easy access.
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Enterprise-specific security features are also incorporated and must be negotiated before a transaction can proceed. These may include corporate treasury policies and spending limits.
The company is also launching a cold storage solution called “BitGo Cold Key”, whereby one or more of the keys in the multi-signature wallet are generated and stored offline.
Some big names are endorsing and adopting BitGo’s solution. BitPay wants to have it used for all its supported merchants, while Gyft has said that the solution gives them peace of mind.
With bank-grade security, proof-of-reserve audits and some baby steps toward regulation, it would seem that Bitcoin security and reliability should be one less thing to worry about for those pondering the future of Bitcoin.