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Security Firm Guardtime Unveils Crypto Asset Storage Product

Data security firm Guardtime and blockchain startup Metaco have jointly launched a new cryptocurrency asset management.

Dubbed “Silo,” the product was unveiled in Geneva earlier this week in a bid to provide a storage solution for investors in digital assets. It combines software developed by Metaco and “anti-tamper” hardware developed by Guardtime.

Silo is being pitched as a way to safely store assets, with a particular focus on the finance and banking space. Silo is one of a number of products launched in recent months catering to this subset, which is perhaps unsurprising given the increasing profile of cryptocurrencies as a new kind of asset class.

In statements, Adrien Treccani, CEO of Metaco, positioned the launch against the backdrop of the cybersecurity challenges around cryptocurrencies, as evidenced by the colorful history of hacks and scams involving the tech.

“SILO, built exclusively for financial firms, solves this problem and allows individuals to trade cryptocurrencies with true peace of mind while extending the role of banks as custodians into the future,” he remarked.

The product marks the latest foray into blockchain for GuardTime, which in the past has inked partnerships with the U.S. Navy as well as firms like Ericsson that focus on applications of the tech.

Row of lockboxes image via Shutterstock

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Shipping Giant Maersk to Deploy Blockchain Maritime Insurance Solution

A joint venture between shipping giant Maersk, Microsoft, accounting firm EY and blockchain firm Guardtime aims to apply blockchain technology in the field of marine insurance.

Built using Azure – Microsoft’s cloud-based platform that recently revealed a new blockchain framework – the new effort will see the creation of a shared database that logs information about shipments, as well as potential risks, in order to help ships comply with insurance regulations. The database would also insure that this information is transparent across what is a complex network of variables.

Notably, the project has already been trialled, and Maersk plans to use it in real-world applications, along with insurers MS Amlin and XL Catlin, according to Reuters.

EY told CNBC that securing marine insurance data with blockchain was necessary due to the “complete inefficiency” of the industry.

Mark Russinovish, chief technology officer at Microsoft Azure, explained further: 

“Marine insurance is a prime example of a complex business process that can be optimized with blockchain.”

Reuters reported that the platform is already built and is planned for deployment in January.

This isn’t Maersk’s first exploration of blockchain tech. The shipping firm conducted its first blockchain-based cargo-tracking trial in partnership with IBM back in May. IBM has also signed up with a major port operator in Singapore to work with a regional shipping firm to test a new blockchain-based supply chain network.

Container ship image via Shutterstock

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