Why verifiability matters
In late 2018, attackers injected malicious code into Electrum wallets through a scheme that involved tricking users into downloading several fake updates. It was a brutal attack that led to the loss of over $22 million of BTC in a period of two years.
Even today, much of the infrastructure that secures digital assets remains a black box. While many security providers present structured plans explaining how they protect those assets, usually it still comes down to trust. Trust us, we know what we’re doing. And many companies continue to rely on that, just as many users trusted those fake Electrum updates.
In reality, the code and its many dependencies used to cryptographically secure assets require verification more than trust. You need to know that when you engage in a transaction or hold assets in digital infrastructure that the code is good, sound, and able to be used to protect those assets without harm.
That’s where verifiability comes in. Verifiability provides proof that code is running as intended. Most developers still rely on trust, assuming their infrastructure provider is operating securely. Verifiable systems remove that assumption by offering evidence, allowing anyone to confirm that the code running in a database or enclave is approved and untampered.
In modern crypto and fintech environments, that level of assurance isn’t optional. Take wallets as one example of this. Crypto wallets need to be able to sign transactions representing millions in value. Without a way to confirm that these operations occur inside secure, untampered environments, organizations are left with blind spots.
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Verifiability increases confidence in security infrastructure. It allows organizations to move beyond trust and confirm that their critical assets are protected. Turnkey uses verifiability to show users that the correct code and policies are running inside its secure environment, ensuring the integrity of every transaction.