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We’re delighted to announce that Unbound Security has been named a Gartner “Cool Vendor” for Blockchain Security and Privacy in 2019. In the report, Gartner analysts raised the primary issue of blockchain key management: that private keys, being a critical point of access for the service/assets being held, also constitute a single point of failure. In the case of blockchain applications, both key loss and key compromise (e.g. fraudulent key usage) can lead to significant loss of assets. As explained in the report: “Without the private key, a user cannot access his or her blockchain-based accounts and assets. An attacker who has stolen the private key can steal all assets.”
Unbound’s key management solutions built on Multiparty Computation (MPC) address these issues head-on by generating, storing and performing all operations with cryptographic keys split into multiple random shares — never putting them together, not even while in use. Therefore, multiple parties must participate to use the key, for example to sign a transaction being added to the blockchain ledger — it’s never a single point of failure. A compromise or loss of any one key share will not lead to a compromise of the key. Backup and recovery keys can be protected in a similar manner, split between multiple parties.
Gartner profiled Unbound as a vendor which “addresses the difficult issue of blockchain application key management using MPC supporting multiparty transaction signoff.”
At Unbound, we believe that MPC has the power to revolutionize the cryptographic key management industry – and we act on this vision by leading the advancement of MPC from academic theory to practical, innovative, broad-ranging industry use for the world’s largest enterprises.
We are proud to be working with some of the top cryptocurrency exchanges globally to protect over $1 billion worth of assets traded on their platforms daily using Unbound’s Crypto Asset Security Platform (CASP). CASP leverages MPC to enable secure, fast and automated signing of blockchain transactions with advanced multi-party approval policies.
We are also actively engaged with enterprise customers building their blockchain implementations. Current initiatives mainly involve our Unbound Key Control product to protect and manage keys, as a FIPS 140-2 Level 2 validated virtual HSM that simplifies operations by removing the need for dedicated security hardware. As enterprise blockchain implementations develop to live systems involving highly sensitive data and high value at stake, we believe that the multi-party approval capabilities provided by CASP will be increasingly valuable.
So what makes Unbound the solution of choice for organizations leading the adoption of blockchain-based applications and services? Here are some of things we are hearing from our customers:
- Operational efficiency – Unbound’s pure-software solutions enable organizations to simplify and automate their key management operations, while maintaining a very high level of security. They can run on any infrastructure and be accessed from anywhere.
- Flexibility and control – Our clients deploy and manage Unbound’s software internally, empowering them to differentiate their services by controlling the experience, functionality and performance of the services they deliver, and to adapt fast to changing market needs. This includes which ledgers and tokens they support, implementation of risk-based security policies, integration with other systems and applications in use, high availability and backup configuration, and more.
- Strong security – We often hear from our customers that they strive to achieve aggressive growth goals while meeting high security and compliance requirements. Unbound’s strong security background and rigorous external validation — ongoing penetration testing, cryptography expert reviews, and FIPS 140-2 Level 2 Certification, for example — in addition to support for service performance and functionality requirements, are critical factors for the companies that choose to work with us.
- Existing deployment record – Our successful deployment track record with major crypto asset exchanges, Fortune 500 companies and the world’s largest banks — all demanding the highest standards of security and reliability — instills confidence in Unbound as a company and technology provider.
What Gartner Cool Vendor status means
Being named a “Cool Vendor” means we’ve gained the notice of leading analysts for our work providing cryptographic key management to enterprises worldwide – and we’re honored to be recognized by Gartner as a provider of innovative technology solving one of the major challenges in enterprise blockchain adoption.
Unbound continues to commit itself to provide top-tier cryptographic platform solutions to its clients, and we look forward to continuing to bring innovation to the industry as we work with our enterprise customers.
Disclaimer: The GARTNER COOL VENDOR badge is a trademark and service mark of Gartner, Inc., and/or its affiliates, and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.