Gemalto and Ledger Join Forces to Provide Security Infrastructure for Cryptocurrency Based ActivitiesRobust encryption and transaction security for Financial Institutions
Amsterdam – Gemalto, a digital security provider, and Ledger, a security, and infrastructure provider for cryptocurrencies and blockchain applications, today announced a technology partnership to deliver high-assurance security infrastructure for crypto assets applications.
The joint Gemalto and Ledger solution consists an integration of Ledger’s unique Blockchain Open Ledger Operating System (BOLOS) into Gemalto’s industry-leading SafeNet Hardware Security Module (HSM) to provide a secure environment for financial institutions looking to leverage cryptocurrency. The solution enables a variety of use cases, such as launching investable products on cryptocurrencies, or stocking cryptocurrencies securely.
The market has seen a significant growth of cryptocurrencies over the past few years, now representinga market capitalization of USD 137 billion, compared to USD 7.8 trillion for gold and USD 83.8 trillion for the global stock market (see related sources below). In addition, multiple large banks and hedge funds have announced plans to develop and implement blockchain use cases, both for internal and external purposes.
Register for the joint webinar with Ledger to hear how blockchain-based cryptocurrencies are changing the face of payments and financial services.
Customers can customize account-based digital signature policies, heightening security requirements for user authentication of these transactions. The solution also builds in the ability to execute blockchain-based smart contracts, which are self-enforcing, self-executing digitally signed contracts. Compared with traditionally brokered transactions, a secure blockchain application for cryptocurrency trading simplifies a financial organization’s portfolio and contract management process by reducing costs and saving time.
Blockchain is a disruptive new technology that allows transactions to be carried out over peer-to-peer networks by acting as a distributed ledger that gives transactional authority directly to each counterparty involved. Blockchain enables faster, more efficient transaction and settlement processes.
Additionally, blockchain is an ideal model to address the scalability concerns for widespread adoption of IoT. The massive volume of communication and data produced by IoT devices requires transactions to take place at the edge, a problem blockchain solves. Combining proven security technology with a decentralized system for IoT networks offers efficiency, user privacy, validation of the user’s identity and transaction and secure offline storage to prevent theft or spoofing.