Rambus unveils Vaultify Trade for Secure Transaction and Storage of Crypto Assets on Blockchain
Ushering in a new level of security for blockchain implementations, Rambus Inc. announced the availability of Vaultify Trade.
The platform enables the secure storage and transfer of crypto and digital assets using proven, bank-grade, field-deployed tokenization and encryption technology. Vaultify Trade is the first product that enables banks, exchanges and investment portals to leverage tokens to secure the purchase, storage, exchange and sale of cryptocurrencies.
451 Research director, Jordan McKee explains: “While cryptocurrencies represent significant opportunities, a major risk factor is that they are prone to theft, in large part due to the lack of strong security solutions for the blockchain. This undermines consumer confidence and limits the ability for financial services companies to offer products that help comply with regulations and best practices. With additional trust and transparency, the potential for cryptocurrencies to transform financial services can be realized.”
Blockchain is gaining increased traction across industries with the decentralized public-ledger framework opening new use cases daily, extending beyond cryptocurrency into financial services, retail, real estate, healthcare and insurance. While it provides a trusted and immutable record, the blockchain is not completely secure. Blockchain stores assets of value at an address in a public ledger using a private key.
Much like a card or account number to access funds, that key is all that is required to access that digital asset, and if it is lost or stolen, that value is gone. Multi-signature enhances the level of security by introducing additional distributed keys for recovery and authentication of transactions, but still relies upon the use of original keys that are vulnerable to attack. Given the high-value financial and safety-critical nature of some proposed use cases, it is imperative that nothing alters data prior to its placement on the blockchain.
