A research paper submitted by Ichiro Kuwahara, a researcher at Crypto Garage, Inc.  (Head Office: Shibuya-ku, Tokyo; CEO: Masahito Okuma; “Crypto Garage”), has been accepted at the international blockchain conference “IEEE Blockchain 2025.”

“IEEE Blockchain 2025” is a world-leading international academic conference in the field of blockchain, organized by the Institute of Electrical and Electronics Engineers (IEEE). It is highly regarded as a forum for presenting and discussing cutting-edge research results, ranging from theoretical studies to societal implementation, centered on blockchain as a distributed consensus technology.

The conference emphasizes research focused on the practical implementation of digital assets and distributed systems, alongside technical challenges such as scalability, security, and privacy. The research paper on custodial wallets by Crypto Garage selected this time was recognized for successfully balancing a perspective grounded in solving practical challenges within the custodial business with academic value.

■The Accepted Paper

TransparenKey: TPM-Backed Open-Source Auditable Custody Wallet
https://ieeexplore.ieee.org/document/11264666

■Background and Overview of the Paper

In cryptocurrency custody operations, the “black-boxing” of internal system behavior, where its inner workings remain invisible to outsiders, has historically served as an attack vector for hacking incidents and fraudulent outflows. 

The paper, “TransparenKey: TPM-Backed Open-Source Auditable Custody Wallet,” recently accepted for conference publication, proposes a novel custody framework that addresses this challenge. It combines open-source software with Remote Attestation technology from security chips (TPM 2.0). This technology enables the generation of irreversible records for critical operations such as key generation and transaction signing. This advocates a shift from the traditional model, which relies on “trust” in custodians (management agencies), to a “verifiable model” based on mathematical proof. This model enables users, external auditors, and regulatory authorities to independently verify the legitimacy of key generation, signature implementation, and operational practices.

■Crypto Garage’s Approach to Research and Development 

For financial institutions to confidently enter the digital asset market, it is essential not only to have robust security but also for the operational processes themselves to be fair. Crypto Garage aims to contribute to the establishment of next-generation custody technology standards and the advancement of the industry’s overall technical capabilities by integrating cutting-edge research in academic fields like this with the stringent requirements of actual financial practice. Moving forward, we will continue to contribute to the formation of a well-functioning market and the development of the ecosystem through both R&D and implementation.

■About Crypto Garage 

Established: September 2018
Crypto Asset Exchange Registration Number: Kanto Finance Bureau 00029
Membership: Japan Virtual and Crypto asset Exchange Association Global Digital Finance
Business: R&D and commercialization of financial services using blockchain
Website: https://cryptogarage.co.jp/en/

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