Quant launches Overledger Authorise: Blockchain-based transactions for banks
“Blockchain technology has the potential to revolutionize banking, but we cannot unlock its true potential without robust and future-proof solutions for cryptographic key management and transaction authorization. This is where Overledger Authorise comes in.”
Quant, a pioneering force in blockchain for finance, has unveiled Overledger Authorise, a game-changing solution designed to fortify the security of blockchain-based transactions for banks and other financial institutions. The technology aims to bridge the gap between traditional key management systems and the unique security demands of blockchain and digital assets.
Financial firms have long relied on mature key management solutions to protect their data, transactions, and business applications. However, the advent of blockchain and digital assets has created a security dilemma, as existing key management protocols fall short of offering the needed level of protection.
Future-proof solutions for cryptographic key management and transaction authorization
Some organizations have resorted to risky measures such as storing blockchain keys on employee laptops. Overledger Authorise seeks to mitigate these challenges, enabling institutions to integrate digital asset and blockchain private keys into their existing enterprise key management systems seamlessly.
The technology has already proven its mettle in Project Rosalind, a high-profile central bank digital currency experiment led by the Bank of England and the Bank for International Settlements. “Blockchain technology has the potential to revolutionize banking, but we cannot unlock its true potential without robust and future-proof solutions for cryptographic key management and transaction authorization. This is where Overledger Authorise comes in,” stated Gilbert Verdian, Founder and CEO of Quant.
In the blockchain landscape, a private key serves a purpose analogous to a password, used for transaction authorization and validation. Connecting traditional key management systems to blockchain infrastructures has been a monumental challenge, primarily due to their incompatibility.
Connecting traditional key management systems to blockchain infrastructures
Overledger Authorise resolves this issue by interfacing with existing enterprise key management systems to manage the signing of blockchain transactions and key generation securely. When a business application or workflow initiates or validates a transaction, Authorise orchestrates the needed authentication and authorization steps, interfacing with existing key management systems to securely transmit the transaction to its blockchain destination.
This technological breakthrough addresses some of the most pressing concerns in the banking and finance sectors, such as cyber-attacks, user mismanagement, and other technological risks associated with transaction signing. With Overledger Authorise, Quant aims to provide the financial industry a seamless transition to blockchain technology, upholding the security and convenience that traditional banking transactions demand.