South Korea-based IT security firm Penta Security has joined forces with R3 to advance the digital asset management and Multi-Party Computation (MPC) technologies.
Under the partnership, Penta Security is expected to combine its technologies with R3’s broad-range of enterprise blockchain platform, Corda.
Penta Security chief technology officer Sim said: “There’s no doubt that the private key to successful blockchain deployment is the most important asset. We believe Penta Security’s MPC and digital asset management technology can provide an ideal key protection solution for both blockchain and digital asset key protection.
“By diversifying our offerings through strategic partnerships, we’re excited to be devoting our expertise in the evolving blockchain scene.”
The demand for a safe digital asset and private key management solution is intensely increasing, since the technologies and services are playing crucial role in digital asset payment and management aspects.
The partnership is expected to facilitate integration of deep skills in MPC, blockchain key management solutions, technology development, and deployment in the finance sector through R3’s enterprise blockchain platform Corda
Penta Security offers data, IoT, and blockchain security solutions and services
Penta Security intends to expand in the finance industry with its MPC technology, based on the secret-sharing algorithm, and PALLE T, an advanced key management solution for blockchain.
In addition to deploying Penta Security’s MPC technology on R3’s major projects, the companies are expected to form a new software enterprise firm, to achieve their goals.
R3 is an enterprise blockchain software firm that offers solutions based on Corda, an open-source blockchain platform, and Corda Enterprise, a commercial version of Corda.
R3 chief revenue officer Cathy Minter said: “The creation of a new market, powered by digital assets, is one of the most exciting promises of blockchain technology. Coupling our Corda platform with Penta Security’s MPC technology will be one step closer to addressing the industry demand for secure digital asset management.
“We are proud to be partnering with Penta Security to deliver an industry-leading solution and look forward to them achieving continued success in the future.”