ISITC TC 2 2018 B 018 Baltim imore re Conf nfere renc nce - PowerPoint PPT Presentation

ISITC TC 2 2018 B 018 Baltim imore re Conf nfere renc nce Edward ard S Scheid idt, I ISO Conve nveno nor Technical Standard for Digital Currencies Security September, 2018

Today, many use digital platforms for payments and transactions. Standards offer an international compromise and acceptance. As the International Standards Organization (ISO) advance digital use cases with currencies, security becomes the differentiation among the world bodies. Security technologies, policies, and innovations are needed to ensure Trust. ANSI x9/ISO/ITU September, 2018 2

Today’s Currency: The Dollar Bill On Today’s Scene in US & other Countries: Cryptocurrencies Migration of Dollar to Digital: for Accounting & for Digital Applications Goal to Leverage Security Into Mix of Digital Currencies On the scene in International Financial Communities: Move to Fiat Digital Currencies

The Business of Security  Regulation  Privacy  Audit  Liability  Risk  Confidentiality Mapping Security Across Digital Financial Services  Payments  Wallet  Transactions  Cloud  Contracts  Mobile  Trusts  Retail  Threats & Fraud ANSI x9/ISO/ITU September, 2018 4

 US Banking Financial standards: ANSI x9  International Banking Financial standards: ISO & ITU  Many specialized standard organizations: e.g. IEEE, IETF, NIST  Other supporting financial organizations: e.g. ISITF ANSI x9/ISO/ITU September, 2018 5

 Digital Currencies with Security can offer:  Utilization of existing financial ecosystem  Potentially faster transaction settlements  Reduced instances of tax avoidance  Advent of real time digital security countermeasures  Confidentiality with controlled data access ANSI x9/ISO/ITU September, 2018 6

 Digital Currency Exemplars  Existing Security Technologies  FIN Ecosystem Security Components  Advancing Financial Security with Innovation  Cash in a Digital Environment  Role of Regulation  Legal Boundaries  Including Digital Currencies with Existing Currencies ANSI x9/ISO/ITU September, 2018 7

Priv rivate Buildin lding o on Central al Bifurcat cate Priv rivate Un Unify Un Unify Bifur urca cate Gold Ban ank Securit rity Ban ank e-mon money Note otes Criteria ria Curre rrency 2018 Security Criteria Security of Wallets Digital Currencies Exchanges Security Keys Security for Authenticity Security for Traceability TC68/SC2/Digital Currencies Security September, 2018 8 eCurrency Mint Ltd.

Security for Financial Ecosystems Goal: Accommodate various multiple financial  digital architectures Goal: Introduction of Envelope Security utilizing  digital interfaces across platforms Goal: Minimize impact on existing infrastructures  Goal: Addition of security for digital currencies of  all types Goal: A common digital framework for domestic  and cross border usages ANSI x9/ISO/ITU September, 2018 9

 Build on knowledge from security experts and from in-place practices  Take advantage of existing financial standards for consensus  Add innovation for the future  Move from documentation to a Proof-of-Concept  Validate the security with a working model ANSI x9/ISO/ITU September, 2018 10

 Understanding of Digital Currencies is evolving  International community contributing  Moving to a digital currency format: a complex decision  Trust: A primary emphasis  ISO to broaden discussion to achieve international consensus ANSI x9/ISO/ITU September, 2018 11