One of the major concerns of investing in cryptocurrency is the fact that there is little in the way of security. All those concerns may be in the past as Gemalto and Ledger have announced a new partnership in order to deliver a high-assurance security system for cryptocurrency applications.
Gemalto and Ledger are leaders in infrastructure and security for blockchains and cryptocurrency applications.
This partnership’s main focus will be to merge Ledger’s Blockchain Open Ledger Operating System or, BOLOS for short, into Gemalto’s SafeNet Hardware Security Module, or HSM, in order to give cryptocurrency investors a safe and secure environment to trade in.
The cryptocurrency market has flourished over the past few years, currently representing a market capitalisation of $137-Bilion. In addition to seeing a significant growth, banks and hedge fund organizations have announced that plans to implement blockchain use for internal and externals cases may be put into place.
CEO of Ledger, Eric Larcheveque, said that as the value of blockchain solutions rises, so does the need for better security.
“We plan to leverage SafeNet HSM to provide our clients in the financial industry with a unique, secure product line customized to their needs.” Said the CEO of Ledger, Eric Larcheveque.
Customers will be able to customise digital signatures on accounts. This will increase the security for user authentication of transactions. This also builds in the possibility of blockchain bases smart contracts, which will be self-enforcing and self-executing digital contracts. This solution will, in the end, save costs and time.
A new security system might be a solution to the lack of faith investors currently have in cryptocurrency applications.
With security in cryptocurrency applications increasing, it will give investors the opportunity to safely complete transactions, and invest more into this new and developing market. Increase in security will also encourage young investors to start investing in this market. An increase in security will definitely be a step in the right direction to making cryptocurrency the future of finance.