Fortanix launched a new suite of Secure Web 3.0 Infrastructure solutions that are integrated within Fortanix Data Security Manager and designed specifically for blockchain, cryptocurrency and decentralized finance businesses.
The new offering drastically improves the security of business-to-consumer (B2C) wallets and the integrity of blockchain implementations by leveraging the power of Confidential Computing.
Users of blockchain services increasingly demand non-custodial wallets to enable the management of their digital assets, which give them sole custody over the private keys they need to control blockchain transactions. Simultaneously, proof-of-stake blockchains need to protect themselves from “nothing” -at-stake” attacks, which create fraudulent forks in the blockchain.
Fortanix’ revolutionary Secure Web 3.0 Infrastructure Solutions addresses both these pain points for blockchain operators and blockchain users while supporting compliance with existing and emerging regulatory requirements for digital asset businesses. The launch of these new tools provides unmatched security through their integration within Fortanix Data Security Manager , which protects cryptographic operations with Confidential Computing and up to Federal Information Processing Standard (FIPS) 140-2 Level 3 certification.
For the first time, blockchain infrastructure can be protected by a single, FIPS-certified solution that deploys Confidential Computing technology to secure the user authentication process, ensure full control of private keys by asset owners, and provide high availability and disaster recovery for digital asset businesses. Fortanix Data Security Manager now defines the new standard for blockchain and decentralized application security and ensures that Fortanix customers are ready to deliver decentralized services securely in the emerging Web 3.0 era.
“With the growth in decentralized applications that depend upon blockchain technology and the transition to a Web 3.0 information domain, blockchain services need a convenient way for their users to store digital assets while also ensuring that the wallet providers cannot steal these digital artifacts because of misconfigurations or malicious actors that attack the backend wallet implementation,” said Richard Searle, Vice President of Confidential Computing at Fortanix.
“Our Secure Web 3.0 Infrastructure Solutions are a shining example of how our industry-leading Confidential Computing capabilities can be applied to improve the experiences of both consumers and businesses when security is of the utmost importance. By adopting these new solutions, Fortanix customers can manage compliance with regulatory requirements and provide increased assurance for their end-users.”
“We see the emergence of Web 3.0 creating a paradigm shift in the industry, creating new challenges in securing digital assets, and demanding innovative new solutions from financial institutions leveraging blockchain technology,” said Jason Davidson, Vice President of Engineering at Figure. “We welcome the opportunity to partner with Fortanix leveraging the new solutions they are ushering in to address this market, helping us accelerate the transformation of the trillion-dollar financial services industry.”
Two-pronged protection for decentralized finance
Coinciding with the 2022 RSA Conference in San Francisco, the launch of Fortanix Secure Web 3.0 Infrastructure Solutions features two distinct solutions, each with unique features and benefits for their users: Fortanix Non-Custodial Warm Wallet and Fortanix Ignite One-Time Signer.
Fortanix Non-Custodial Warm Wallet ensures that a customer’s digital assets are not misused by a wallet provider without explicit consent in the form of a valid two-factor authentication (2FA) token. The tool provides:
- Improved security. Fortanix Confidential Computing technology moves the 2FA process inside a highly secure trusted execution environment (TEE).
- Reduced trust barriers. A compromised wallet backend system does not lead to a loss of the end user’s digital assets, giving them full control over access to their digital wallet and improved assurance of their asset security.
- Reduced operational risk. Cryptocurrency businesses can demonstrate to regulators, insurance providers, or other authorities that their users’ assets cannot be spent without the user’s explicit and fully auditable approval.
Fortanix Ignite One-Time Signer improves on existing offerings for blockchain signing that do not ensure the integrity of the signer or provide high availability and can disaster recovery capabilities. Fortanix’ solution for the Ignite (formerly Tendermint) ecosystem:
- Implements double-sign prevention logic in a high-integrity, secure environment.
- Maintains high availability, based on a cluster architecture with in-built resilience.
- Supports disaster recovery to avoid the loss of digital assets.
- Reinforces performance and scalability required by decentralized applications for decentralized finance and Web 3.0 applications.
Fortanix Secure Web 3.0 Infrastructure Solutions are available now as part of the Fortanix Data Security Manager product, which can be deployed on-premises, in the cloud, or consumed via a software-as-a-service (SaaS) model, with up to FIPS 140-2 Level 3 certification.