Parity Technologies, which develops one of Ethereum’s main node client, Parity, has partnered with Rivetz to increase blockchain based assets security.
“Every exchange and wallet would benefit from the utility of a provable hardware-based multi-sig or multi-factor authentication and secure display of transaction details for transaction instructions.” Gavin Wood, founder of Parity Technologies, stated in a press release before adding:
“The Rivetz platform combines trusted computing with blockchain technology to offer provable cyber security controls for blockchain.”
Rivetz Crop. claims to be a “first-mover” in cyber security and says they have contracts with the US government as well as patent pending cybersecurity capabilities that employ the Trusted Execution Environment (TEE) which they say:
“Provides Rivetz with an isolated execution environment within the main processor to execute code that cannot be observed or altered by the operating system. This vault on the processor enables Rivetz to store and process sensitive data, and assure that policy and controls are executed as expected.
The TEE is a measured environment that can be verified and proven to be operating in a reference condition. TEE capabilities have been available on both ARM and Intel architecture processors world-wide for many years.”
They describe the isolated environment as a vault which can’t be accessed by other apps, hackers, or even the operating system itself, thus can be employed for greater security.
The process is described at some length in their whitepaper with the aim being to provide assurance that the device is secure before a transaction takes place. The Press release says Rivetz:
“Will provide peer-to-peer transactions with provable cyber controls that become a permanent part of the blockchain record, providing cryptographic proof that measured protections were in place before a transaction can execute.”
To create a marketplace for security they are launching a new token, RvT, which plays a role when checking the health of the device.
It has a cap of 200 million RvT, with only 70 million for sale, but it’s not clear what that translates to in real money as their public literature does not provide an eth to RvT token sale ratio.
Nor can we see anywhere any financials, therefore their current revenue and profits are not too clear, but cyber security is a big field with plenty of potential.
Especially where the Internet of Things (IoT) is concerned, which hopes to connect billions of devices with each other and the wider internet. That has plenty of benefits, but security remains its big challenge. Which Rivetz hopes to address with the help of Parity Technologies.
“We look forward to working with Gavin Wood and his team at Parity Technologies to improve security and consumer confidence in blockchain technology. Parity Technologies will ensure that Rivetz architecture can be efficiently and securely integrated with modern blockchain and smart contract technology,” Steven Sprague, founder of Rivetz, said.
Security remains one of the biggest weakness for digital assets, which once moved are gone, as we have seen far too often in this space. Measures to improve it are desperately needed, but whether Rivetz, in their partnership with Parity, will indeed be able to do so remains to be seen.