Rambus launches bank-grade blockchain and cryptocurrency security platform

Vaultify Trade: How it works
BANK GRADE SECURITY: Vaultify Trade uses tokenization, multi-signature and segregated wallets to protect virtual assets on the blockchain. Click to enlarge.

PARTNER NEWS: Rambus has launched Vaultify Trade, a blockchain and cryptocurrency security platform that leverages the company’s expertise in tokenization and encryption to let banks safely offer their clients a range of value-added digital asset services from within their existing mobile banking apps — with bank-grade security.

“Blockchain is gaining increased traction across industries with the decentralized public-ledger framework opening new use cases daily, extending beyond cryptocurrency into financial services, retail, real estate, healthcare and insurance,” Rambus explains.

Vaultify by Rambus“While it provides a trusted and immutable record, the blockchain is not completely secure. Blockchain stores assets of value at an address in a public ledger using a private key. Much like a card or account number to access funds, that key is all that is required to access that digital asset, and if it is lost or stolen, that value is gone.

“Multi-signature enhances the level of security by introducing additional distributed keys for recovery and authentication of transactions, but still relies upon the use of original keys that are vulnerable to attack.”

Rambus’ solution is to combine multi-signature, where at least two signatures are required to confirm a transaction, tokenization, segregated offline and online wallets and a white label app and SDK to let banks offer new blockchain and cryptocurrency services that come with bank-grade security.

Vaultify Trade allows the sensitive private keys that have traditionally been stored on a user’s device to be replaced with non-sensitive, single use tokens — while the private keys themselves are safely stored in a Vaultify Trade vault. This can either be on-premises or hosted in the cloud by Rambus.

Banks can then offer blockchain and cryptocurrency services to their customers from within their existing mobile banking app and in a way that lets their customers access balances and trading features simply and securely using the bank’s standard login and authentication process, the company’s Kendra De Berti told NFC World.

“By replacing sensitive private keys with a limited use token that can include domain controls for device or channel, tokenization mitigates fraud risk and protects the underlying value of credentials,” says Rambus. “This reduces cryptocurrency security risks, which have led to enormous losses, adverse brand impact and suspensions of trading.”

“With over 100 billion transactions secured by Rambus technology, Vaultify Trade is a logical extension of our tokenization expertise,” says Jerome Nadel, Rambus’ general manager for payments.

“Banks, exchanges and investment houses can now quickly incorporate blockchain technologies into their product portfolios, armed with the confidence that data, value and assets are secure.”

Readers attending Money20/20 in Las Vegas this week are invited to visit Rambus on Booth 1349 for a demonstration of how the new service works. Further details are also available on the Rambus website.