Gemalto builds blockchain/cryptocurrency support, looks to IoT apps
The specific announcement is of a technology partnership to deliver high-assurance security infrastructure for crypto assets applications, and is primarily aimed at financial institutions, although extensions to a broader range of embedded applications are contemplated. The joint Gemalto and Ledger solution consists an integration of Ledger’s Blockchain Open Ledger Operating System (BOLOS) into Gemalto’s SafeNet Hardware Security Module (HSM) to provide a secure environment for financial institutions looking to make use of cryptocurrency. The solution enables a variety of use cases, such as launching investable products on cryptocurrencies, or stocking cryptocurrencies securely.
Cryptocurrencies (the statement notes) in a short time have come to constitute a market capitalization of $137 billion (hardly insignificant, but still small compared to compared to $7.8 trillion for gold and $83.8 trillion for the global stock market (see related sources below)).
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.” [My emphasis – Ed.]
Blockchain is a disruptive 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.
next page; Blockchain in the IoT
Blockchain in the IoT
Additionally (Gemalto adds), 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.
Gemalto offers the following “further reading”;
Gemalto Network Hardware Security Modules
Gemalto Encrypt Everything Whitepaper
Gemalto Three Steps to Securing Data in any Cloud Environment Whitepaper
Securing Blockchain with Ledger and SafeNet HSMs Solution Brief
Ledger Introducing BOLOS: Blockchain Open Ledger Operating System Article
Background, see also;
Cryptocurrency market capitalizations, CoinMarketCap.com, September 27th, 2017
What is the value of all the Gold in the world?, OnlyGold
How much gold has been mined?, World Gold Council, September 27th, 2017
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