Role of Blockchains in Timing Security
In this session, we will present logging technology built using blockchains. In timing world, traceability and logging of timestamps is an important aspect. We have been researching this area in order to facilitate the stringent requirements posed by various compliances like MiFID and FINRA for timing services. We would like to explain the important role that blockchains can play for timing services.
Inherently, blockchains provide support for immutable records/objects, making them ideal platform to develop a framework that can support tamper proof logging. We have been able to successfully prototype a logging framework using Hyperledger Indy and it supports most of the timing world requirements for logging as well as traceability of timestamps.
The technology is built around blockchains and decentralized identity concepts. Decentralized identity helps carve out contextual identities to facilitate auditing by internal teams as well as external auditors. This will help timing service providers and organizations to disclose only the information necessary for auditing.
e.g. If NIST wanted to audit a high frequency trading platform, then provider of the platform will be able to release information to NIST based on the auditing context. Also, auditor will be able to trace authenticity of the timestamp all the way to the source.