The Journey to Swiit.ch
Updated: Jul 30, 2019
We've just started building Swiit.ch. It's an application that allows you to update your credit card details with multiple merchants at one time. To build such an application we have to protect your card details using some pretty sophisticated technology, so let me explain what we're doing.
Firstly we need to secure every transaction on our system. That's critical. To do this we've taken a leaf out of Bitcoin's book and we're using Asymmetrical encryption to sign and encrypt the data. Basically that means when you send a new credit card to a merchant, only they can see the information you've provided, but they can prove it's you that sent it.
Sound far fetched? It's not actually new - asymmetrical encryption has been around since the 1960s, but only recently have computers been able to do this in real time. Every time you access a bank or SSL enabled website, you're using asymmetrical encryption. We use the same algorithms, but our technology uses 4096 bit keys, meaning it's super hard (at the moment) to every crack the data.
We've also developed our own distributed ledger or blockchain technology. We've got it running inside a browser, but are hitting some performance issues. Will update you when we have more.