SAN FRANCISCO, July 27, 2018 /PRNewswire/ -- SealBlock recently launched the world's first hardware-based hot wallet solution, designed to enable consumers and businesses to hold their digital assets in a highly-secure but connected location. The new solution addresses the needs of token funds, exchanges, project operators, miners, traders, and other industry players who require sophisticated crypto wallet solutions.
SealBlock product was first demonstrated on June 23, at Silicon Valley Blockchain Security Technology Forum hosted by BlockTrain, the first bilingual blockchain media platform based in Silicon Valley.
The SealBlock solution addresses the most pressing security challenge in crypto asset management today – the protection of the private keys that are used to sign online transactions. These private keys are highly vulnerable to both external hackers and unauthorized internal access. As a result, many companies employ "cold wallets" to store their keys offline. Although security is improved, the efficiency of trading and transacting is dramatically reduced, and maintenance and management costs increases.
SealBlock provides a programmable policy engine which binds a set of signing policies to each private key(wallet). The policies include the multi-signature policy, whitelist policy, amount limit policy, etc. A transaction will not be signed by the private key unless all signing policies are satisfied.
Moreover, SealBlock employs Intel SGX hardware enclave technology to protect private keys, transaction signing, and the security policies. Intel SGX creates a chip level encryption boundary isolated even from the operation system. With this security by design approach, SealBlock hardware wallet can be connected 24/7 online to serve queries while maintaining a level of security similar to a cold wallet.
Richard Yu, CEO of SealBlock, said:
"SealBlock marries the convenience of software hot wallets with the security that hardware cold wallets provide. We believe that this wallet solution offers a secure and effective solution for anyone storing and trading digital assets."
In addition to protecting user's digit assets, SealBlock solution can also be used to protect other data from users, such as PII data and sensitive business records. SealBlock will build up the community and release SDKs, so that developers can easily create highly-secure blockchain solutions based on the SealBlock technology.
Businesses already adopting new technology
SealBlock has released the first version of its hardware hot wallet and successfully engaged early customers in Silicon Valley area, including SWFT Blockchain, uMining, SVBC, and 6M Capital.
The SWFT Blockchain platform is a one stop, cross-chain crypto transfer service. "SealBlock hardware hot wallet solution significantly improves security while improving internal efficiencies." said SWFT CFO Alex Witt. SWFT Blockchain plans to use SealBlock for hardware-based hot wallets.
Terry Xing, CTO of Umining, said:
"We possess a large amount of crypto currencies for our customers, so we need a highly secure wallet solution. SealBlock hardware wallet supports multi-sig policy with which we can easily manage the assets with multiple team members."
SealBlock is currently conducting first round of financing and has received great interest from many investors in Silicon Valley and around the world, including Whales Capital and ASB Venture, etc. All investors are offered to use SealBlock wallets for securing part of their digital assets so that they can have a first-hand experience on SealBlock service.
Strong backing, experienced management team
VeriClouds, which incubated SealBlock, is a cyber security company and a leader in hardware encryption. For the last three years, VeriClouds has served some of the biggest Internet companies in the world, including JD.com and Oracle. It is a strategic partner with Alibaba Cloud and Intel. It received investment from Harry Shum, executive vice president of Microsoft, for its first round of financing.
Silicon Valley Blockchain Catalyst, the 1st Blockchain Incubator and Accelerator in Silicon Valley, helps SealBlock project develop business processes and raise funds.
The SealBlock management team is comprised of senior figures from across the IT and information security industries.
Richard Yu, the CEO of SealBlock is an experienced IT product sales and management executive, with over 12 years of experience in major corporations such as HP and EMC.
Ricardo Diaz, the CSO of SealBlock, has worked in information security for 22 years, including 13 years in management and business development for Oracle.
Rick Wang, the CTO of SealBlock, has a Ph.D. in Information Security and was previously a senior researcher in systems security at Microsoft Research. Dr. Wang has developed a number of patents in hardware encryption and blockchain security. His research has helped Microsoft, Amazon, Google, PayPal, Facebook and other technology companies improve the security of their products.
Jiaping Wang, an early investor of Bitmain and Executive Director of Sinovation Ventures, is serving as advisor to the SealBlock team.
View original content with multimedia:http://www.prnewswire.com/news-releases/silicon-valley-based-sealblock-debuts-worlds-first-hardware-hot-wallet-300687674.html