Zortag cards have been implemented within the FI custody solution to ensure only authorized users can access the custodial system; Velocity Ledger Technology announces Zortag integration and deployment for digital assets custody
New York, NY, Sept. 04, 2019 (GLOBE NEWSWIRE) -- (via Blockchain Wire) Fundamental Interactions (FI), a leading global provider of enterprise exchange technology, has partnered with Zortag, to include its unique optical fingerprint authentication cards as a checkpoint for accessing the FI Custody Solution. The solution merges best security practices not only for the management and storage of private keys but also for ensuring that only authorized persons are permitted to approve operations in the custody platform.
Velocity Ledger Technology, which deploys the FI Custody solution, has implemented Zortag to strengthen access security controls over settlement and withdrawal processes. Velocity Ledger provides a global solution supporting token issuance, trading, and settlement. Approved users are required to scan and authenticate their identity with the Zortag fingerprint in order to sign wallet transactions before tokens can be removed from cold storage.
The FI Custody Solution stores 100% of tokens in cold storage in segregated accounts. It creates public and private wallets for each firm or user of the platform. When participants deposit tokens, those tokens are transferred to segregated cold storage wallets on the public network. The platform credits the user’s wallet on the private blockchain with representative proxy tokens that can be traded on the platform. The system has a settlement window when the market is brought offline and token transfers are authorized in a multi-key Zortag authorization process. Settlement transfers are then sent to segregated cold wallet accounts on the public network and the market is brought back online for trading.
Zortag has invented and patented a unique technology that combines a 2-dimensional (2D) barcode or RFID chip with randomly distributed 3-dimensional (3D) colored particles in the form of an optical fingerprint. The optical fingerprint is embedded in a card that is distributed to authorized users of the custody system. The number of possible combinations of randomly distributed 3D particles used in generating the 3D optical fingerprint exceeds 10 to the 60th power, putting it in the same class as human DNA. Requiring authentication from a physical Zortag card ensures that the person accessing the system not only has possession of the phone registered to the account, but also the unique Zortag card. The Zortag service further regulates the authentication by time of day and geolocation, thus limiting it to specific physical locations and times.
“Zortag’s solution provides the unparalleled power and capability for FI customers to securely access their digital assets. By partnering with FI we are able to bring the benefits of Zortag’s patented technology to their customers,” stated Dr. Satya Sharma, CEO of Zortag.
About Fundamental Interactions
Rising to challenges and opportunities posed by regulation, technology, and market structure shifts – Fundamental Interactions develops leading enterprise market center technology platforms. The systems are widely deployed by securities exchanges, ATS, and inter-dealer brokers across a variety of asset classes and geographic regions.
Zortag provides a unique identity to any item which is almost impossible to be duplicated, even by Zortag itself. Such an item may be an article of commerce, an entity, or an individual. Uniquely identifying an item, authenticating the genuineness of that item, and authorizing who has access to information about that item is a major organizational challenge in today's digital economy. Furthermore, assuring the authenticity and integrity of goods, people, and information is critical in all business and personal transactions. Their technology has wide applications to this end, including protecting brands from counterfeit products, providing secure access to digital assets, making information available to different constituents at varying levels including law enforcement, authenticating products for sale on online shopping sites, and securing supply blockchains and the storage of cryptocurrencies.
About Velocity Ledger
VL Financial Ltd. ("VL Financial"), together with its affiliate, Velocity Ledger Technology (Bermuda) Limited ("VL Tech"), are the sole wholly-owned subsidiaries of Velocity Ledger Holding Limited ("VLHL"), all of which were incorporated in 2018 as Bermuda exempted companies limited by shares. VLHL is itself a wholly-owned subsidiary of Velocity Ledger Technology, Inc., a Delaware corporation ("VLTI" and, collectively with VLHL, VL Tech, and VL Financial, the "Velocity Ledger Group").