Fortanix Unveils Secure Web 3.0 Infrastructure Solutions to Provide Digital Security for Deregulated Finance
Fortanix has launched a new suite of Secure Web 3.0 infrastructure solutions that are integrated with Fortanix Data Security Manager and designed specifically for blockchain, cryptocurrency and decentralized finance businesses.
The new offering dramatically improves the security of business-to-consumer (B2C) wallets and the integrity of blockchain implementations by leveraging the power of confidential computing.
Users of blockchain services are increasingly requiring non-custodial wallets to enable the management of their digital assets, giving them sole custody of the private keys they need to control blockchain transactions. Simultaneously, proof-of-stake blockchains need to protect themselves from “nothing-at-stake” attacks, which create fraudulent forks in the blockchain.
Fortanix’s revolutionary Secure Web 3.0 infrastructure solutions solve these problems for blockchain operators and users while ensuring compliance with existing and emerging regulatory requirements for digital asset businesses. The launch of these new tools provides unparalleled security through their integration into Fortanix Data Security Manager, which protects cryptographic operations with Confidential Computing and up to Federal Information Processing Standard (FIPS) 140-2 Level 3 certification.
For the first time, blockchain infrastructure can be protected by a single FIPS-certified solution that deploys Confidential Computing technology to secure the user authentication process, ensure full control of private keys by asset owners and provide high availability and disaster recovery for digital assets. businesses. Fortanix Data Security Manager now sets the new standard for blockchain and decentralized application security and ensures that Fortanix customers are ready to securely deliver decentralized services in the emerging era of Web 3.0.
“With the growth of decentralized applications that depend on blockchain technology and the transition to a Web 3.0 information domain, blockchain services need a convenient way for their users to store digital assets while ensuring that providers of wallets cannot steal these digital artifacts due to misconfigurations. or malicious actors attacking the core wallet implementation,” said Richard Searle, Vice President of Confidential Computing at Fortanix.
“Our secure Web 3.0 infrastructure solutions are a shining example of how our industry-leading confidential computing capabilities can be applied to enhance consumer and business experiences when security is of the highest order. importance. By adopting these new solutions, Fortanix customers can manage compliance with regulatory requirements and provide increased assurance to their end users.
“We see the emergence of Web 3.0 creating a paradigm shift in the industry, creating new challenges in securing digital assets and demanding new innovative solutions from financial institutions leveraging blockchain technology,” said said Jason Davidson, Vice President of Engineering at Figure. “We welcome the opportunity to partner with Fortanix by leveraging the new solutions they are pioneering to address this market, helping us accelerate the transformation of the trillion-dollar financial services industry.”
Two-pronged protection for decentralized finance
Coinciding with the RSA 2022 conference in San Francisco, the launch of Fortanix Secure Web 3.0 Infrastructure Solutions offers two distinct solutions, each with unique features and benefits for their users: Fortanix Non-Custodial Warm Wallet and Fortanix Ignite One-Time Signer.
Fortanix No Deposit Hot Wallet ensures that a customer’s digital assets are not misused by a wallet provider without their explicit consent in the form of a valid two-factor authentication (2FA) token. The tool provides:
- Improved security. Fortanix Confidential Computing technology moves the 2FA process into a highly secure Trusted Execution Environment (TEE).
- Reduced trust barriers. A compromised wallet backend system does not result in the loss of the end user’s digital assets, giving them full control over access to their digital wallet and better assurance of the security of their assets.
- Reduced operational risk. Cryptocurrency businesses can demonstrate to regulators, insurers, or other authorities that their users’ assets cannot be spent without the user’s explicit and fully verifiable approval.
Fortanix Ignite Single Signer improves on existing offerings for blockchain signing that do not guarantee signer integrity or provide high availability and may lack disaster recovery capabilities. The Fortanix solution for the Ignite (formerly Tendermint) ecosystem:
- Implements double signature prevention logic in a high integrity secure environment.
- Maintains high availability, based on a cluster architecture with built-in resiliency.
- Supports disaster recovery to prevent loss of digital assets.
- Boosts the performance and scalability required by decentralized applications for decentralized finance and Web 3.0 applications.
Fortanix Secure Web 3.0 infrastructure solutions are now available as part of the Fortanix Data Security Manager product, which can be deployed on-premises, in the cloud, or consumed through a software-as-a-service (SaaS) model, with up to FIPS 140-2 Level 3 Certification.