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Korean cybersecurity firm Penta Security has entered into a global strategic partnership with blockchain software firm R3 for digital asset management and Multi-Party Computation (MPC) technology.
Under the partnership, Penta Security will combine its technologies with R3’s enterprise blockchain platform, Corda.
The announcement comes as Penta Security seeks to expand in the finance industry with its MPC technology which is based on the secret-sharing algorithm, and PALLET, an advanced key management solution for blockchain.
In its press release, Penta Security noted the surging demand for a safer digital asset and private key management solution.
"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,” Dr. Sim, Chief Technology Officer at Penta Security, said. “By diversifying our offerings through strategic partnerships, we're excited to be devoting our expertise in the evolving blockchain scene."
In addition to deploying Penta Security's MPC technology on R3's major projects, the companies will form a software enterprise firm in order to achieve goals through various new projects.
"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,” Cathy Minter, Chief Revenue Officer at R3, said.
Penta Security has developed PALLET framework, a crypto algorithm blockchain protocol. In March, the company launched PALLET X – cryptocurrency wallet tailored for digital asset enterprises such as cryptocurrency exchanges and payment service providers. More recently, it launched PALLET Z – a cold wallet for enterprises designed to protect against the biggest asset management threats, critical for maximizing systematic efficiency in managing digital assets.
