NEW YORK, Oct. 3, 2019 /PRNewswire/ -- Unbound Tech, the leading provider of multi-party computation (MPC) based cryptography platform for enterprises, has been named as a "Cool Vendor" in the "Cool Vendors in Blockchain Security and Privacy" report1 by Gartner, Inc. The report is available here for Gartner subscribers.
According to the report, "Advances in blockchain access and data security, as well as in data privacy, are needed to move project experiments and proofs of concept into production. We profile three emerging vendors that clients will potentially consider when dealing with blockchain data security and privacy."
As organizations move toward increased adoption of blockchain, with more value at stake, key management becomes a critical infrastructure component. Key management reduces risk by ensuring that cryptographic keys used for core security functions, such as signing, authentication and data encryption, are accessed and used properly. As Gartner notes, "loss or theft of a user's private key represents a single point of failure for blockchain applications. 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," and we believe the impact of even one key loss or misuse can be severe.
However, Gartner adds, "Nonetheless, hackers are succeeding at gaining access to these centrally maintained private user keys using age-old techniques, enabling them to gain unauthorized access to bank accounts and other organizational assets. In addition, sometimes the threat arises internally from employees, especially in cryptocurrency organizations where vast amounts of money are stored and moved on a daily basis. This is particularly problematic because current implementations of key management – where private keys are centrally maintained – almost negate the benefits of secure cryptographic access that they enable."
As Gartner notes in the report, "MPC addresses this significant problem using clever and secure mathematical algorithms that can sign blockchain transactions without the use of a private key at all. Multiple parties work together to execute a transaction based on a secure cryptographic operation." Using multi-party computation, Unbound enables enterprises to completely eliminate the single point of failure for their most sensitive assets while at the same time, providing stronger data security.
"We view it as a great honor to be recognized as a Cool Vendor in Blockchain Security and Privacy by Gartner," Professor Yehuda Lindell, world-renowned cryptographer and co-founder and CEO of Unbound Tech stated. He added, "To us, this is further proof that Unbound's ongoing work with global enterprises, premium financial institutions, and digital asset service providers across the globe is raising the standard for cryptographic key management for enterprises everywhere. We're excited to be at the forefront of the movement to make multi-party computation the gold standard for security for blockchain going forward."
Unbound pioneered the use of MPC for enterprise key management and has been working with Fortune 500 customers since 2014. The company entered the blockchain space in 2018, introducing its Crypto Asset Security Platform (CASP) product – and has since brought to the market not only top-tier cryptography expertise, but the ability for organizations heavily using blockchain to perform transactions at hot wallet speed with cold wallet-level security, while supporting any token on the market today. Unbound's enterprise software is a particularly attractive offering for cryptocurrency and digital asset exchanges whose core business depends on 24x7 availability of their services, security of their platform and speed of operations, directly contributing to trading volume. Unbound Tech's CASP, deployed at major cryptocurrency exchanges worldwide, currently protects over $1B in digital assets every day.
1 Gartner "Cool Vendors in Blockchain Security and Privacy," by Avivah Litan, Adrian Leow and Nadine LeBlanc, September, 24, 2019.
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About Unbound Tech:
Unbound Tech equips companies with the first pure-software solution that protects secrets such as cryptographic keys, credentials or other private data by ensuring they never exist anywhere in complete form. The Unbound Distributed Trust Platform stands as a new foundation for trust using secure multiparty computation to ensure secrets are always split into multiple shares and thereby eliminate any single point of compromise. Adopted by Fortune 500 companies, Unbound's elastic and agile platform protects secrets on untrusted infrastructure and removes existing dependence on dedicated security hardware, delivering a novel approach to security and privacy designed for the digital era. Serving as an engine for uninhibited growth, it allows enterprises to gain new levels of control over their secrets on any cloud, server or endpoint, and opens new possibilities for digital innovation. Founded in 2014, Unbound has been recognized with numerous industry awards. Be Trusted. Be Unbound. Visit unboundtech.com.
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