As Austin, Texas continues to compete for the title of global blockchain and crypto-currency capital of the world, two Austin companies today announced they have joined forces to build a mobile digital security solution for enterprises.
The emerging cryptocurrency market is disrupting the existing framework of valuing and trading traditional assets. To foster continued acceptance of this technology, dozens of companies are racing to build the best infrastructure to protect and secure assets, with collaboration required given the blockchain “stack” that addresses devices (smartphones and other machines), connectivity, clouds, applications and a massive and growing number of transactions.
It’s been challenging enough for enterprises to build decentralized applications, much less develop their own digital wallets to verify transactions. Vault wallet claims they overcome part of the challenge by enabling developers to sign transactions in their decentralized apps (dApps).
“When our customers adopt our wallet, they don’t need to worry about private key management and can focus on development of their applications and systems,” Daniel Arulraj, founder of Vault Wallet said. “Our Android and iOS wallets are encrypted by the hardware secure element to deliver the highest degree of security and working in concert with the Cognida platform and network, we can bring a richer solution to market.”
The integration of Vault Wallet’s secure digital signature technology into the Cognida platform will allow enterprise customers to manage access of connected devices and machines using digital signatures.
For Cognida enterprise end-users, this means asset owners will be able to initiate crypto-based transactions through Cognida’s web portal and send them directly to hardware-encrypted wallets on mobile devices, where they can be signed. This type of transaction signing is traditionally done on the cloud. The partnership between Cognida and Vault means enterprises can now conduct these transactions on the blockchain, leveraging its immutable data trail to protect authenticity of information, without having to include cloud processing.
This is the second announcement Cognida has made in this neighborhood. Last month, Cognida and Rivetz announced their combination of security and data integrity tools that are pre-integrated to more easily secure identities and administer data permissions. Steven Sprague, CEO of Rivetz said in that announcement “By joining forces with Windmill, we offer enterprises an easy-to-use solution that leverages the powerful cybersecurity capabilities of both TEE and the blockchain.”
Vault has been in stealth mode for some time, building what they believe is a faster, more secure, and easier to use mobile wallet to efficiently manage all crypto assets.
Vault’s features include multi-currency modular design to enable easy integration of any token, wallet generation software and multi-signature support. Like Rivetz, Vault’s solution provides secure runtime using TEE (Trusted Execution Environment) and has built-in Operating System monitoring to prevent software attacks, including obfuscation against side-channel threats. The company also provides a backup SEED/private key service.
“What we found most compelling about Vault is the ease of use,” said Michael Hathaway, co-founder and CEO of Windmill Enterprise, the developer of the Cognida Network and Platform. “Their wallet has been designed from the ground up to be visually intuitive and functionally powerful and can be elegantly leveraged by enterprises who aim to build services on a distributed platform.”
Vault wallet offers several features to manage all the assets. It builds a contact service that manages connections, so enterprises can send crypto currency and receive it without the need to copy and paste public keys.
Delays and waiting time while opening the wallet and transferring money has plagued other wallet providers. Vault’s auto-blockchain synchronization feature uses background processing to speed things up.
“The enterprise blockchain technology ecosystem is critical to accelerate adoption of this new security paradigm,” said Michael Hathaway, co-founder & CEO of Windmill Enterprise. “The Cognida Network and Platform is designed to make integrations of software like Vault Wallet’s straightforward, scalable and attractive to enterprises who wish to implement better ways to secure transactions. We look forward to continuing to innovate with Vault Wallet, and to welcoming additional partners to the Cognida Foundation where our open source code is being made accessible via restful APIs.”
Windmill Enterprise has been previewing Cognida in advance of an official launch later this month. Their Token Generation Event will be completed in parallel with the general availability of their network and platform, which will be managed by a new non-profit open source community, through the Cognida Foundation.
Partners like Rivetz and Vault Wallet will be founding members of the community, while also continuing to develop and innovate with the Windmill Enterprise blockchain solutions integration team.
“Today’s enterprises face complex security and privacy scenarios that make it difficult to use or transact with Cloud-based and Digitally-Transformed applications without distributed security and enforcement of privacy policies,” said Akshay Sharma, principal analyst at neXt Curve. “With the rapid adoption of payment methods used to transact with API-based business services through mobile and IoT devices, the need for Digital Wallets supporting federated identity management as well as evolving digital currencies in a secure, privacy-controlled cloud with permissioned decentralized management becomes critical. The enablement of robust, scalable solutions in the most security-intensive environments with enterprise-grade reliability, scale and manageability, is now more realistic with blockchain-based approaches, leveraging encryption, public/private keys, smart contracts with policy controls, and resiliency with full logging of all transactions.”
“Partnering with Windmill Enterprise and adopting Cognida’s technology is a natural fit,” said Daniel Arulraj, founder of Vault Wallet. “We are now able to bring our Android and iOS wallet, encrypted by the hardware secure element, to bring enterprises the highest level of mobile security in a way that is easy for them to integrate into their existing mobile service and security programs. As the blockchain market matures, technology and business partnerships like the one we’re announcing today with Windmill will bring more valuable and sustainable solutions to businesses requiring the most robust security, particularly as their mobile footprints grow.”
Edited by Ken Briodagh