In a recent presentation at the Istanbul Blockchain Week 2023, Israeli cyber security company GK8 showcased its groundbreaking blockchain infrastructure tailored for banks and financial institutions operating in the digital asset space.
According to Mark Mayerfield, the Chief Revenue Officer at GK8, the company’s approach combines cutting-edge technology, advanced security measures, and regulatory compliance to offer a comprehensive solution for securing digital assets, including cryptocurrencies and tokenization projects.
GK8’s infrastructure addresses critical security challenges faced by the digital asset industry, particularly in the custody of private keys and day-to-day operations.
This is of paramount importance, especially for tier one to three institutions, exchanges, foundations, and companies involved in various tokenization projects.
Further, he noted that the company’s technology is grounded in an unhackable cryptographic layer that ensures the utmost security.
The solution involves an air-gapped device that eliminates any digital input, wireless connectivity, cameras, or QR codes, providing a secure environment for custody and high-security operations.
This device guarantees that transactions are conducted in a unidirectional manner, significantly minimizing risk and ensuring the integrity of the process.
Performance for MPCs
Another aspect of the digital transaction challenge that he said GK8’s solution addresses is the performance associated with multi-party computation (MPC) solutions.
With a patent-pending solution, he said that GK8 introduces multiple shards of keys distributed across different cloud technologies.
The result of this model is a substantial increase in transaction processing speed, making it well-suited for the faster blockchains of the future.
On the side of regulatory compliance, he also noted that the company collaborates with regulatory bodies in various jurisdictions, including the US SEC, OCC, BaFIN, and others, to ensure that its infrastructure meets evolving regulatory requirements.
This brings adaptability which makes it possible for the company’s solution to be deployed and integrated with different regulatory frameworks.
GK8’s innovation extends to remote transaction capabilities as well. Remote transactions refer to any financial transaction that is conducted without the need for physical contact between the parties involved.
Mark said that this is done by the company’s “quick cash box” which enables secure remote transactions without compromising security. He added the feature aligns with the needs of modern financial institutions and enables them to efficiently manage assets while adhering to the highest security standards.
Bespoke solution with $1 billion insurance for customers
He also explained that the comprehensive governance and policy nature of GK8 allows institutions to set specific policies, quorums, and approvers based on customized requirements. This flexibility accommodates a wide range of use cases, from smaller entities to major financial institutions.
Lastly, he told the audience that GK8 has one of the largest insurance policies in the industry – $1 billion. The CRO said that the move reflects GK8’s dedication to providing not only cutting-edge technology but also financial assurance to its clients.