Gemalto, a global leader in cybersecurity, has partnered with Symbiont to bring blockchain functionality and secure smart contract execution to large financial institutions. Symbiont’s “smart securities” technology – which allows financial instruments to be encoded on the blockchain – will be paired with Gemalto’s SafeNet Hardware Security Modules (HSMs).
The HMSs act as guards against malicious entities in order to prevent theft and fraud. Gemalto’s security modules achieve this by utilizing cryptographic keys that control the encryption and decryption of smart contract transactions on the Symbiont platform. According to the press release, Gemalto’s HSMs are currently securing “more than $1 trillion dollars” in financial transactions on a daily basis.
“SafeNet HSMs are trust anchors that protect the cryptographic infrastructure of the most security-conscious organizations in the world,”
Mark Yakabuski, VP of Business Development Strategy at Gemalto, said that he views this partnership as an important milestone in securing Symbiont’s smart contracts:
“Bringing Gemalto’s market-leading HSM security modules assurance to Symbiont’s Smart Contract Blockchain solution is not only an exciting offering, but a clear step towards securing Blockchain-based transactions,”
Louis Stone, Managing Director of Symbiont, made it very clear that “No corners can be cut” when it comes to securing and executing multi-million dollar institutional smart contracts on Symbiont.
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