Under the terms of the agreement, Gemalto will provide its SafeNet Hardware Security Modules (HSMs) that will help to ensure security of transactions and stave off counterfeiting, theft and other types of cybercrimes.
“Symbiont’s integration of Gemalto’s SafeNet HSMs ensures the highest levels of regulatory compliance and trust for cryptographic identities authorizing these transactions,” the company stated.
Symbiont will use the distributed ledger technology to enable financial firms issue and trade a variety of financial instruments, known as smart securities, via P2P network. In comparison with conventionally brokered transactions, these self-executing instruments provide higher time and cost efficiency.
“Bringing Gemalto’s market-leading HSM security modules assurance to Symbiont’s Smart Contract Blockchain solution is not only an exciting offering, but a clear step towards securing Blockchain-based transactions. We look forward to helping customers add trust to the emerging smart contracts space.” said Vice President of Business Development Strategy at Gemalto, Mark Yakabuski.
“No corners can be cut in securing information in the ‘distributed trust’ environment enabled by blockchain technology. To seize the opportunity in capital markets, each facet has to be best-of-breed. The combination of Gemalto’s industry-leading HSMs and Symbiont’s Smart SecuritiesTM delivers just that,” said Louis Stone, Managing Director of Symbiont.
The use of the technology behind bitcoin is set to improve the process of financial assets trading. When the security is issued on the bitcoin blockchain, it starts acting autonomously, what doesn’t require manual transaction processing.
Gemalto’s HSMs will ensure security of these transactions by protecting the cryptographic keys. Moreover, these modules will deliver authentication, encryption, decryption and digital signing services.
SafeNet HSMs are created to protect cryptographic keys that provide identities, transactions and applications security. They are used by the globe’s major financial organizations, processing over $1 trillion dollars of transactions daily.
Symbiont, which was launched in 2015, is developing a system for creating digital versions of traditional securities. The platform lets users to issue and manage smart securities, stored in the blockchain, through a global P2P network.
Gemalto is the world’s leading provider of digital security software and related services and devices, including smart cards and electronic passports. In 2014, the company’s revenues amounted to €2.5 billion. It includes about 14,000 employees and 99 offices in 46 countries.
Symbiont launched Smart Securities platform in August 2015, thus becoming the first company to use blockchain for shares trading. However, its competitor Nasdaq also claimed to pioneer securities trading through its blockchain-based Linq platform.