Gemalto and Ledger Join Forces to Provide Security Infrastructure for Cryptocurrency Based Activities
Gemalto, the world leader in digital security, and Ledger, a leader in security and infrastructure 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 representing a 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.
Eric Larcheveque, CEO at Ledger, explained: “As the market value of blockchain based solutions rises, so does the need for bank grade security products, when financial institutions are looking for dedicated, certified solutions. We plan to leverage SafeNet HSM to provide our clients in the financial industry with a unique, secure product line customized to their needs.”
Todd Moore, Senior Vice President of Encryption Products at Gemalto, commented: “With the proper security to protect communication, devices and users, blockchain can offer a trusted platform for parties that don’t have an existing relationship to do business efficiently and transparently. Beyond the financial services market, we are also working with Ledger to embed BOLOS into any device’s secure element and bring high-assurance security to markets like smart energy applications, home automation or wearables.”
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.
– Cryptocurrency market capitalizations, CoinMarketCap.com, September 27th, 2017 https://coinmarketcap.com/
– What is the value of all the Gold in the world?, OnlyGold http://bit.ly/2g8HUdY
– How much gold has been mined?, World Gold Council, September 27th, 2017 http://bit.ly/2xYuE5m
– Bloomberg’s World Exchange Market Capitalization index, September 26th 2017
Gemalto (Euronext NL0000400653 GTO) is the global leader in digital security, with 2016 annual revenues of EUR 3.1 billion and customers in over 180 countries. We bring trust to an increasingly connected world.
From secure software to biometrics and encryption, our technologies and services enable businesses and governments to authenticate identities and protect data so they stay safe and enable services in personal devices, connected objects, the cloud and in between.
Gemalto’s solutions are at the heart of modern life, from payment to enterprise security and the internet of things. We authenticate people, transactions and objects, encrypt data and create value for software – enabling our clients to deliver secure digital services for billions of individuals and things.
Our 15,000+ employees operate out of 112 offices, 43 personalization and data centers, and 30 research and software development centers located in 48 countries.
For more information visitwww.gemalto.com, or follow @gemalto on Twitter.
Founded in 2014, Ledger is a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications. Headquartered in Paris, Vierzon and San Francisco, Ledger has a team of 60 professionals developing a variety of products and services to safeguard cryptocurrency assets for individuals and companies – including the Ledger hardware wallets line already sold in 165 countries.
For more information visitwww.ledger.fr, or follow @LedgerHQ on Twitter