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Perceptions of Distributed Ledger Technology Key Management - An Interview Study with Finance Professionals

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posted on 2023-11-29, 18:24 authored by Carolyn GuthoffCarolyn Guthoff, Simon AnellSimon Anell, Johann Hainzinger, Adrian DabrowskiAdrian Dabrowski, Katharina KrombholzKatharina Krombholz
Key management is an integral part of using distributed ledger technology (DLT). Previous work has primarily focused on key management for single-user scenarios on Bitcoin. Over the last decade, DLT has evolved to commercial and financial sectors; for example, a new German law allows the trading of a variety of financial securities via DLT. Instead of a single-user paradigm, financial institutions follow a multi-user paradigm. Combining multi-user key management with single-user key management solutions leads to unique challenges with usability and security. We extend current research through a two-stage qualitative interview study with 13 finance professionals. We investigate how the technical reality contrasts with perceptions of key management practices in corporate financial organizations. Our interdisciplinary study shows, among other things, that DLT does not meet real-world requirements in this particular domain. Moreover, it introduces additional challenges in terms of authentication and auditing. Our findings suggest that corporate financial institutions strongly support the adoption of blockchain solutions. However, to comply with regulatory and operational requirements, they face additional usability and security challenges, e.g., authentication and access control. Better mechanisms or novel design approaches are required to cover professional environments. This includes how multiple users can access the same assets and approve joint transactions.

History

Preferred Citation

Carolyn Guthoff, Simon Anell, Johann Hainzinger, Adrian Dabrowski and Katharina Krombholz. Perceptions of Distributed Ledger Technology Key Management - An Interview Study with Finance Professionals. In: IEEE Symposium on Security and Privacy (S&P). 2023.

Primary Research Area

  • Empirical and Behavioral Security

Name of Conference

IEEE Symposium on Security and Privacy (S&P)

Legacy Posted Date

2023-05-12

Open Access Type

  • Unknown

BibTeX

@inproceedings{cispa_all_3948, title = "Perceptions of Distributed Ledger Technology Key Management - An Interview Study with Finance Professionals", author = "Guthoff, Carolyn and Anell, Simon and Hainzinger, Johann and Dabrowski, Adrian and Krombholz, Katharina", booktitle="{IEEE Symposium on Security and Privacy (S&P)}", year="2023", }

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