Symbiont and Gemalto to provide security for blockchain-based transactions

Under the partnership, Symbiont will use Gemalto’s SafeNet long-proven Hardware Security Modules (HSMs) to protect blockchain identities and transactions, helping to prevent theft, forgery, and other types of malfeasance.

Blockchain is a new technology that allows transactions to be carried out over peer-to-peer financial networks and acts as a distributed ledger that gives transactional authority directly to each counterparty involved. Symbiont’s platform uses blockchain to allow institutions and investors to issue, manage and trade a range of financial instruments more efficiently over an encrypted peer-to-peer network. These instruments, also known as Smart Securites, are self-enforcing, self-executing contracts that offer cost and time efficiencies compared with traditionally brokered transactions. 

Blockchain-based smart contracts save time and increase efficiencies in the execution of transactions, which can include anything from bond issuance to coupon payments to restrictions on trade. Once a security is issued onto the ledger powered by the Symbiont Smart Securities platform, it acts autonomously, eliminating traditionally manual mid- and back-office functions. These transactions and identities will be secured by Gemalto’s SafeNet HSMs which will protect the cryptographic keys and provide encryption, decryption, authentication and digital signing services for the smart contract transactions.