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New ‘multisig’ technology Could be Key to Secure Bitcoin

Joshua Bleiberg

In a recent, Forbes column, Brookings non-resident senior fellow John Villasenor wrote about the potential of ‘multisig’ or multiple-signature transactions, to help address consumer protection concerns related to Bitcoin transfers. Traditionally, Bitcoin transfers only require authorization using a single private key. By contrast, multisig transactions rely on the collective agreement of two or more parties in order for a transaction to be completed. This has the potential to help provide increased security and consumer protection in association with bitcoin transactions. How does this approach impact the future of Bitcoin? What opportunities will multisig create for digital currency commerce? Villasenor discusses these issues in more detail in a recent Forbes article, “Could ‘Multisig’ Help Bring Consumer Protection to Bitcoin Transactions?”

Author

J

Joshua Bleiberg

Ph.D. student - Vanderbilt University

Former Research Analyst - The Brookings Institution

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