Square has implemented an encryption service called Bletchley that centralizes key management and crypto operations. Bletchley uses HSMs to generate and store keys securely. It provides an API for services to generate keys, decrypt data, and delete keys when no longer needed. The service is designed with high availability, allowing keys to be replicated across multiple servers for redundancy. It also aims to prevent single points of failure by authorizing decryptions locally without relying on a database.