Today, we are excited to unveil three major enhancements, including support for the following added to Blockdaemon Institutional Wallet™:
- Cold Storage
- Tokenization
- Azure Cloud
These features collectively aim to enhance the efficiency, security, and strategic capabilities of our institutional clients.
Book your tailored evaluation with Blockdaemon today, or read on to learn how each of these features can benefit your business.
Enhancing Security & Efficiency for Cold Storage in Blockdaemon Institutional WalletTM
Recognizing the pivotal role of cold storage in institutional asset protection, particularly for self-custody and regulatory compliance, we're excited to announce the introduction of cold storage support in the Blockdaemon Institutional Wallet™. This feature not only aligns with market needs but also elevates the standards of security and operational efficiency in digital asset management.
Cold storage stores and uses private keys offline. It is a long-standing staple for institutional crypto management. It caters to banks, custodians, and institutions who require air-gapped wallet services to safeguard against online threats, making it a cornerstone for institutional asset protection.
Current Limitations of Cold Wallets
Traditional cold wallets, typically hardware or paper-based, offer robust security. However, they come with notable drawbacks. These include:
- Physical Vulnerabilities: Despite being safe from online attacks, they're susceptible to physical threats like key extraction, physical theft, or hardware damage.
- Operational Challenges: They require the physical presence of specific authorized users, adding layers of inconvenience and limiting accessibility.
- Audit and Control Limitations: Their offline nature restricts auditability and transaction control, relying heavily on the integrity of a few approvers.
Blockdaemon’s Cold Storage Innovations
In revolutionizing cold storage, the Blockdaemon Institutional Wallet™ addresses these limitations, focusing on improved security and operational efficiency:
- Advanced MPC Technology: Blockdaemon Institutional Wallet™ uses patented MPC technology for secure key management across its lifecycle. This technology forms the backbone of our cold storage solution, ensuring top-tier security.
- Flexible Policy Engine: Implements policies equally across online and offline wallets, enforcing quorum approvals and conditional controls to enhance security and compliance.
- Mobile Approver App: To further secure transactions, Blockdaemon Institutional Wallet™ integrates PIN and biometric verifications through a mobile approver app. This app is crucial for authenticating users before they approve any transaction, adding an extra layer of security.
- Front-End Security for Cold Signing: Transactions undergo full policy-controlled approvals similar to online transactions, enhancing security by ensuring that only pre-approved transactions reach cold signing.
- Administrative Efficiency in Cold Signing: Reduces the criticality and autonomy of cold signing operations, transforming them into more streamlined administrative tasks. This shift broadens the range of eligible participants for cold wallet signing, reducing latency and bolstering operational efficiency.
- Cryptographic Verification: All cold transactions undergo rigorous cryptographic verification, confirming their origin from the online wallet frontend and exceeding traditional cold storage security standards.
In institutional digital asset management, a cold storage security standard is paramount. Blockdaemon, offering full cold storage support, meets and exceeds this mark.
Tokenization Support: Revolutionizing Digital Asset Management
The Blockdaemon Institutional Wallet™ now brings a groundbreaking feature to the forefront of digital asset management: Tokenization support. This innovative addition empowers institutions to manage real-world assets digitally, harnessing the transformative power of blockchain technology.
Why Tokenization Matters
Tokenization is reshaping the digital asset landscape. It allows the representation of assets in a digital blockchain format. For our institutional clients, this translates into heightened transparency, auditability, cost efficiency, and accelerated asset transfers.
Full-Scale Implementation of ERC-1404 and ERC-3643 Support
We are proud to fully integrate support for Ethereum's ERC-1404 and ERC-3643 token standards in the Blockdaemon Institutional Wallet™.
These standards are specifically tailored for institutional use, providing a robust framework for token management and transfer.
ERC-1404: Compliance-Focused Token Management
- ERC-1404 facilitates the issuance of digital tokens with embedded transfer rules at the smart contract level.
- It enables institutions to enforce regulatory compliance, setting conditions such as transfer restrictions to approved addresses or limits on token quantities per address.
- This feature is crucial for institutions aiming to align their asset tokenization strategies with regulatory standards.
ERC-3643: Streamlined Multi-Token Management
- The ERC-3643 standard offers an efficient approach to managing diverse token classes under a unified contract suite.
- It simplifies the management of various asset classes, enhancing oversight, auditing, and integration processes.
- This standard, having tokenized over $28 billion in assets, is a testament to its efficacy in the institutional context.
Leveraging Our Enhanced Capabilities
The integration of these token standards into the Blockdaemon Institutional Wallet™ allows institutions to:
- Manage Token Transfers: Safely manage ERC-1404 and ERC-3643 tokens, streamlining sending, receiving, and overall management.
- Integrate Seamlessly: Integrate tokenization with your existing custody solution and compliance frameworks, ensuring a seamless tokenization experience.
- Enable Policy Engine Support: Set tailored restrictions for who can make transfers according to your organization’s policies.
With the introduction of tokenization support, the Blockdaemon Institutional Wallet™ provides sound infrastructure to the evolving tokenized ecosystem.
We empower institutions to harness these advanced technologies, setting a new standard in digital asset management.
Azure Cloud Support – Expanding Hosting Options
In our commitment to providing flexible and secure hosting options, the Blockdaemon Institutional Wallet™ now extends its cloud support to include Azure.
This integration represents a significant step in broadening the choices available to our clients.
Azure Cloud Integration: Enhanced Security and Flexibility
Azure Cloud brings a unique approach to data security in the cloud environment. It employs confidential computing, encrypting data in memory within hardware-based trusted execution environments. This advanced method ensures data security during processing, effectively mitigating risks associated with cloud storage.
Comprehensive Solutions with Azure and AWS
The addition of Azure to our hosting options complements our existing AWS support.
Both Azure and AWS offer robust, reliable cloud services, each with its distinct advantages:
- Azure Confidential Computing: This feature stands out for its ability to secure sensitive and regulated data. It encrypts data while in process, offering a layer of security that is critical for institutions handling sensitive information.
- AWS and Azure: Together, they provide a comprehensive range of services that cater to various institutional needs. Whether it's data security, processing capabilities, or reliability, our clients now have the flexibility to choose the service that best fits their requirements.
By integrating Azure Cloud support into the Blockdaemon Institutional Wallet™, we are not just expanding our hosting options; we are enhancing the security and flexibility of our platform.
This advancement expands our confidential computing hosting options, which already include support for AWS Nitro. Collectively these secure cloud hosting options ensure that our clients have access to the most secure and efficient cloud services available, fostering trust and reliability in our digital asset management solutions.
Embracing the Future with Blockdaemon Institutional Wallet™
The Blockdaemon Institutional Wallet™ continues to set new benchmarks in digital asset management. Our latest updates bring three pivotal enhancements to our customers:
- Cold Storage Support: Elevates security to new heights, mitigating risks associated with physical and online threats. This feature reshapes how institutions approach asset custody, offering both robust protection and agility.
- Tokenization Support: Opens a world of possibilities in digital asset management. With support for ERC-1404 and ERC-3643 standards, institutions can now efficiently manage a diverse range of digital assets, ensuring compliance and streamlined operations.
- Azure Cloud Support: Expands our hosting options, adding Azure's confidential computing to our already robust AWS support. This integration ensures that sensitive data remains secure, offering our clients the flexibility to choose the cloud service that best suits their needs.
Each of these features is designed not just to keep pace with the evolving digital world but to lead it. They collectively enhance liquidity and security enabling our institutional clients to stay ahead in the fast-paced realm of digital assets.
Take the Next Step
We invite you to explore these groundbreaking features and see how they can transform your digital asset management.
Book a call with the Blockdaemon team today for a tailored evaluation, and step into the future of blockchain technology with confidence and clarity.
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