Salt Lake City, Utah-based Evernym has received a $749,000 Small Business Innovation Research grant from the Department of Homeland Security to create a decentralized mechanism to manage public and private keys used to deploy blockchain technology.
Evernym aims to develop a cryptographic key management system to help bolster online authentication and verification functions through the Applicability of Blockchain Technology to Privacy Respecting Identity Management project, DHS said Thursday.
The company will apply the National Institute of Standards and Technology‘s “A Framework for Designing Key Management Systems” special publication to design and implement DKMS technology.
“Managing public and private cryptographic keys in existing public key infrastructure as well as permissioned and permission-less blockchains continues to be a difficult challenge,” said Anil John, identity management program manager at DHS’ science and technology directorate.
John added that DKMS technology can aid companies in efforts to integrate blockchain technologies into their portfolios.